Jim Rohr
Encyclopedia
James "Jim" E. Rohr is Chairman and CEO of PNC Financial Services Group (commonly known as PNC Bank). Rohr has served as CEO since May 2000 and as Chairman since May 2001, both times taking over for Tom O'Brien.
, Ohio
native, Rohr graduated from Saint Ignatius High School and from the University of Notre Dame
in 1970 with a B.A.
. Two years later, in 1972, Rohr earned an MBA degree from Ohio State University
. Rohr's wife, Sharon, is from Chagrin Falls.
Since becoming CEO, Rohr has been praised for his handling of a major accounting scandal that plagued PNC soon after he assumed leadership of the banking firm. By shifting $762 million in underperforming assets and loans to accounts that were kept off the corporation's balance sheet, PNC was forced to restate its 2001 earnings.
The first few years in an executive role at PNC were turbulent for Rohr. PNC's stock price lost roughly half of its overall value throughout 2001 and at shareholders' meetings during that time, shareholders began to demand that Rohr resign from his position.
In the wake of that scandal, Rohr has managed to keep PNC out of more negative scrutiny and boost the performance of PNC's stock. In the first half of 2004, PNC's net income rose 41 percent compared to the same part of 2003. A year later, in 2005, PNC earned $1.3 billion (or $4.65 per share), the highest annual earnings figure in the corporation's history.
PNC and Rohr have also received high marks for their decision to sell a 49.8 percent stake of the money manager firm BlackRock
to Merrill Lynch
in 2006. The deal valued PNC's 70 percent stake at $5.6 billion, compared to the $240 million PNC paid for the same stake in 1995.
Rohr's positive performance as Chairman & CEO has earned him much praise and acclaim, including the 2007 American Banker's Banker of the Year Award.
newspaper began running "The Jim Rohr Box." The editorial section bearing Rohr's name chided the PNC Chairman for accepting a $48 million public subsidy to help fund the construction of the new Three PNC Plaza, which holds the new corporate headquarters for PNC Financial Services in downtown Pittsburgh.
Early life
A ClevelandCleveland, Ohio
Cleveland is a city in the U.S. state of Ohio and is the county seat of Cuyahoga County, the most populous county in the state. The city is located in northeastern Ohio on the southern shore of Lake Erie, approximately west of the Pennsylvania border...
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
native, Rohr graduated from Saint Ignatius High School and from the University of Notre Dame
University of Notre Dame
The University of Notre Dame du Lac is a Catholic research university located in Notre Dame, an unincorporated community north of the city of South Bend, in St. Joseph County, Indiana, United States...
in 1970 with a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
. Two years later, in 1972, Rohr earned an MBA degree from Ohio State University
Ohio State University
The Ohio State University, commonly referred to as Ohio State, is a public research university located in Columbus, Ohio. It was originally founded in 1870 as a land-grant university and is currently the third largest university campus in the United States...
. Rohr's wife, Sharon, is from Chagrin Falls.
Professional life
Prior to becoming Chairman & CEO of PNC, Rohr had spent his entire 28-year professional life at PNC-affiliated or predecessor companies.Since becoming CEO, Rohr has been praised for his handling of a major accounting scandal that plagued PNC soon after he assumed leadership of the banking firm. By shifting $762 million in underperforming assets and loans to accounts that were kept off the corporation's balance sheet, PNC was forced to restate its 2001 earnings.
The first few years in an executive role at PNC were turbulent for Rohr. PNC's stock price lost roughly half of its overall value throughout 2001 and at shareholders' meetings during that time, shareholders began to demand that Rohr resign from his position.
In the wake of that scandal, Rohr has managed to keep PNC out of more negative scrutiny and boost the performance of PNC's stock. In the first half of 2004, PNC's net income rose 41 percent compared to the same part of 2003. A year later, in 2005, PNC earned $1.3 billion (or $4.65 per share), the highest annual earnings figure in the corporation's history.
PNC and Rohr have also received high marks for their decision to sell a 49.8 percent stake of the money manager firm BlackRock
BlackRock
BlackRock, Inc. is an American multinational investment management corporation and the world's largest asset manager. BlackRock is headquartered in Manhattan, New York City, New York, United States and is the leading provider of investment, advisory, and risk management solutions...
to Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
in 2006. The deal valued PNC's 70 percent stake at $5.6 billion, compared to the $240 million PNC paid for the same stake in 1995.
Rohr's positive performance as Chairman & CEO has earned him much praise and acclaim, including the 2007 American Banker's Banker of the Year Award.
Compensation
While CEO of PNC Financial Services Group in 2008, James E. Rohr earned a total compensation of $8,549,098, which included a base salary of $1,000,000, no cash bonus, stocks granted of $3,185,000, and options granted of $4,132,000.Criticism
In a highly unusual move for a periodical, the Pittsburgh Tribune-ReviewPittsburgh Tribune-Review
The Pittsburgh Tribune-Review, also known as "the Trib," is the second largest daily newspaper serving metropolitan Pittsburgh, Pennsylvania, in the United States...
newspaper began running "The Jim Rohr Box." The editorial section bearing Rohr's name chided the PNC Chairman for accepting a $48 million public subsidy to help fund the construction of the new Three PNC Plaza, which holds the new corporate headquarters for PNC Financial Services in downtown Pittsburgh.