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PFPC Taps Parent for New President

PFPC Worldwide has named a successor for J. Richard Carnall, former president and CEO, who retired in March. Timothy Shack is now PFPC's president and CEO. Shack, previously chief information officer at PFPC parent PNC Financial Services Group, will retain those responsibilities.

While the assumption of both duties simultaneously might appear overwhelming, Shack's technology expertise meshes with his new position at the helm of technology-based PFPC, spokeswoman Jeanette Harrison-Sullivan said.

"The leaders in this business will be defined as those who can best leverage the strength and capabilities of their technology. As PFPC's new president and CEO, Tim Shack brings a strong background in information technology to the job and the ability to combine the complementary strengths of both PNC and PFPC," said Walter Gregg, Jr., chairman of PFPC, in a statement.