Less than two years after taking the job, the chief executive officer of The PNC Financial Services Group Inc.’s mortgage business is resigning.
E. Todd Chamberlain was promoted from his role as chief operating officer of PNC Mortgage to CEO in April of last year.
Prior to joining PNC in 2011, Chamberlain was an executive vice president at Regions Financial and managing executive of Regions’ residential mortgage division.
But the mortgage CEO has advised the Pittsburgh-based company that he will be leaving at the end of next month, PNC said in a statement Monday.
“Family considerations” were cited as the reason for his departure.
Taking over the mortgage CEO role is Joseph C. Guyaux, the firm’s senior vice chairman and chief risk officer.
Guyaux has been with PNC for 42 years, according to the announcement.
He was president of the bank and the holding company from 2002 to 2012.
At one point, the residential mortgage business reported to him.
Guyaux graduated from Brown University and obtained an MBA from the University of Pittsburgh.
“Joe Guyaux possesses a wealth of experience that positions him to deliver on our stated strategic priority of building a top tier national mortgage business,” PNC Chairman, President and CEO William S. Demchak said in the news release.
During the third quarter, PNC ranked as the 18th largest residential lender in the country with $2.6 billion in originations.
Joseph E. Rockey, who has been with PNC since 1999, will replace Guyaux as chief risk officer.
