KeyBank 2010 Annual Report Download - page 9

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7
Beth Mooney’s Succession to CEO
Henry, the Board announced in November that you would retire as Chairman and CEO
on May 1, 2011, and that Vice Chair Beth Mooney would succeed you as CEO. Would you elaborate
on the timing and decision?
Succession planning is one of the Board’s primary responsibilities, and a function in which the Board
has been engaged for many years. When it became apparent that we were approaching an inflection
point, and that 2011 would be an important transition year, I advised the Board that, having success-
fully navigated through the financial crisis, I thought it was an appropriate time for me to retire as
Chairman and CEO and for my successor to lead the company to its next level of performance. The
Board considered external and internal candidates, and determined that Beth had all the attributes
required to lead Key, not the least of which was her deep level of involvement in strategy development
over recent years. (See accompanying article on Beth Mooney beginning on page 12.)
Would you share more of your observations about Beth?
I recruited Beth to Key in 2006 to head our Community Banking organization, and she immediately
demonstrated her leadership capabilities. Beth was attracted to the opportunity to begin with a ‘blank
sheet of paper’ and she effectively went about re-energizing the business through people, process
Beth Mooney succeeds Henry Meyer as KeyCorp’s Chairman and CEO on May 1, 2011.
Seventy-seven new branches opened over the last two years.