Financial institution PNC selects BlackRock veteran for the role of its next president.
Mark Wiedman, a seasoned executive with over two decades of experience at asset manager BlackRock, has joined PNC in a significant new role. Wiedman was appointed as the bank's President, effective from April 7, 2025.
Wiedman's career at BlackRock saw him rise through the ranks, culminating in his role as the Global Head of the Equity Division. In this position, he oversaw BlackRock's global equity investment business, one of the largest of its kind worldwide.
Prior to his transition to PNC, Wiedman was also the head of BlackRock's exchange-traded funds business iShares and index investments. His extensive experience in asset management and leadership at BlackRock have prepared him well for his role at PNC.
In his new position, Wiedman will report directly to PNC's CEO, Bill Demchak. The bank's primary business lines and the regional presidents office will also report to Wiedman.
Demchak believes Wiedman's expertise will help PNC stay competitive in the rapidly changing banking industry. Wiedman himself has stated that the bank's winners will be those who understand where customers and technology are heading and move faster than the rest.
The incentive opportunity for Wiedman includes both annual cash incentives and long-term equity incentives. According to a Securities and Exchange Commission filing, Wiedman is set to receive a $700,000 annual salary, a $1 million signing bonus, and various stock awards. His target total annual incentive opportunity for 2025 is $9.8 million on a full-year basis and $7.35 million on a prorated basis.
PNC is also planning to spend $1.5 billion to grow organically over the next few years, expanding its branch network and renovating some locations. The bank is in a position to be a natural consolidator, but Demchak has stated that the bank won't pay "a silly price" for a "busted" franchise. The current market selloff may change the math on M&A, according to Demchak.
Wiedman's arrival at PNC comes at a time when the bank is undergoing changes. Michael Lyons, who was PNC's president, left the bank in January to become the next CEO of Fiserv. Wiedman replaces Lyons in his role as PNC's president.
Demchak has worked with Wiedman for 20 years and considers the timing of Wiedman's joining as fortunate for PNC's team. With Wiedman's extensive experience and leadership, PNC is poised to navigate the challenges and opportunities of the future.
[4] BlackRock announces Mark Wiedman as Global Head of Equity Division, BlackRock press release, 2019. [5] PNC names Mark Wiedman as President, PNC press release, 2025.
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