PNC Financial CEO Pay Falls 41 Percent In 2008

By IEVA M. AUGSTUMS

CHARLOTTE, N.C. (AP) — PNC Financial Services Group Inc. Chief Executive James E. Rohr received compensation of $8.5 million in 2008, down nearly 41 percent from the previous year, according to a proxy statement filed with the Securities and Exchange Commission Wednesday.

Last year, the broader banking sector was hammered by the ongoing credit crisis and growing recession. Rohr received $14.4 million in compensation in 2007.

Rohr's base salary increased 5 percent to $1 million in 2008 from $950,000 in 2007. He received no performance-related cash bonus in 2008, compared with the $2.6 million he received in 2007. ...