KAREN LARRIMER, HEAD OF RETAIL BANKING AND CHIEF CLIENT OFFICER, PNC, TO RETIRE

Alex Overstrom to assume the role of Head of Retail Banking

PITTSBURGH, May 26, 2022 /PRNewswire/ — PNC Financial Services Group, Inc. (NYSE: PNC) today announced that Karen Larrimer, Head of Retail Banking and Chief Customer Officer, has chosen to retire after more than 27 years of service and leadership within the bank. Larrimer will remain as the bank’s chief client officer until 2022, as she steps down from her role as head of retail banking, effective 1st of July. Alex OverstromPNC’s current director of small businesses and deputy director of retail banking, will assume responsibility for leading PNC’s retail banking business.

Larrimer has been leading Retail Banking since July 2016, following her appointment as Chief Customer Officer in 2014. Prior to that, she held several leadership roles at PNC, including Chief Marketing Officer, EVP for Business Banking, and leadership roles within Treasury Management. Prior to joining PNC, Karen was an associate director at Ernst & Young and vice president of corporate banking at Mellon Bank.

“I am personally grateful to Karen for her leadership during my tenure as CEO,” said William S. Demchak, PNC Chairman, President and CEO. “She is an exceptional leader and banker whose guidance and insights have benefited the bank and our clients in many ways. She has been instrumental in the growth of PNC, and she has led key initiatives focused on improving PNC’s retail offerings and our customer satisfaction. We will miss her and wish her all the best for her next chapter.

During his tenure at PNC, Larrimer led many significant programs and projects that helped position the bank as a national competitor. In particular, as Head of Retail, she led PNC’s digital expansion, the creation of solution centers in PNC’s expansion markets, and several rebranding efforts through acquisitions. She also led the launch of Low Cash Mode® last year, which represented the industry’s first major initiative to tackle overdraft fees and the annoyance they cause to customers. As PNC’s first Chief Customer Officer, Larrimer also created the Customer Office, led several efforts to improve the bank’s customer experience, and deployed an analytical measurement tool to gauge employee and customer satisfaction. .

Throughout her admirable career, Larrimer has been recognized with numerous honors and awards, including being named one of the most powerful women in banking by American banker magazine for seven consecutive years (2015-2021) and received the Girl Scouts of America Award of Distinction in Business (2013). She was named a working mother “Mother of the Year” magazine (2010), named “Women Worth Watching” by Diversity Journal magazine (2009) and named one of the top 50 women in business in Pennsylvania (2003).

Alex Overstrom will serve as Head of Retail Banking, reporting directly to Demchak. Overstrom has been with PNC for nearly eight years, during which time he held a variety of positions including Head of Merchant Services, COO of Corporate and Institutional Banking and Asset Management, and Head of aviation financing.

In addition to his commercial leadership roles at PNC, Overstrom has helped lead several significant strategic initiatives for the bank, including, most recently, the integration and business conversion of BBVA. UNITED STATES, through which PNC signed, closed and converted 2.6 million customers, 9,000 employees and nearly 600 agencies in less than a year. Overstrom joined PNC in 2014 from Goldman Sachs, where he worked in strategy and investment banking.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and a local offering of personal and business banking services, including a full range of lending products; specialized services for businesses and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For more information about PNC, visit www.pnc.com.

CONTACTS:

MEDIA

Marcey Zwiebel
(412) 762-4550
[email protected]

INVESTOR

Bryan Gill
(412) 768-4143
[email protected]

SOURCE The PNC Financial Services Group, Inc.

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