It says they are considering both external and internal candidates.
Also, no reason may mean something or mean nothing - as far as I am aware PNC does not have any history with bad management or board issues, so I would not be hasty in assuming there was a problem. People resign for various reasons, and I disagree that "it's always a bad sign". It may be a bad sign or irrelevant, so personally and unless I read some more details, I wouldn't make anything out of this.
Ann: Resignation of Chief Operating Officer, page-4
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