KeyCorp has announced that the chairman of the board and chief executive officer, Henry L. Meyer III, is to retire on 1 May 2011.
Meyer will be succeeded by the vice chairman, Beth E. Mooney, who has also been selected by the board to occupy the positions of president and chief operating officer on an interim basis.
Lead Director Alexander Cutler expressed the board’s thanks to Meyer for years of outstanding leadership and wished him all the best in retirement.
Cutler went on to laud Mooney’s proven leadership, acumen and numerous accomplishments, describing her as uniquely qualified to lead KeyCorp in the coming years.
Meyer has stated he believes it is time for new leadership at the firm, saying he had been fortunate to be with KeyCorp for 38 years, and indicated his confidence in Mooney, stating she was an outstanding and proven leader.