- Push-out Score determined
- After nine years in the position
- Praise and thanks for Mooney
- Chris Gorman taking over
- Mooney kept it short and said 46 words
(exechange) — Cleveland, Ohio, September 19, 2019 — Beth Mooney, chief executive of KeyCorp, leaves her post. Her departure is made public at an early stage. As announced by KeyCorp in a news release and in a regulatory filing published on Thursday, September 19, 2019, Beth E. Mooney leaves her post as Chief Executive Officer at the regional lender after nine years in the role, effective May 1, 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange.
Beth Mooney’s duties as CEO will be taken over by Christopher M. (Chris) Gorman, currently President of Banking of KeyCorp.
“Seamless leadership transition”
Beth Mooney’s departure from the CEO post is explained as follows. KeyCorp said: “This announcement is in keeping with the Board’s succession management process and will ensure a seamless leadership transition.”
Precise information regarding Beth Mooney’s future plans was not immediately available.
KeyCorp said: “Chairman and Chief Executive Officer, Beth Mooney, will retire on May 1, 2020.”
KeyCorp further said: “Beth Mooney will retire as Chairman and Chief Executive Officer of the Company, effective May 1, 2020.”
Share price increase since May 2011
The announcement follows an increase in KeyCorp’s share price of 115% since May 2011.
In the position of CEO since 2011
Beth Mooney became CEO of the Company in May 2011.
Mooney has served in the role of Chairman and CEO since May 1, 2011 after joining the bank in 2006.
Mooney has been KeyCorp’s Chairman and Chief Executive Officer since May 1, 2011.
She was elected President and Chief Operating Officer on November 18, 2010, and served in that role until she became Chairman and Chief Executive Officer.
Mooney joined KeyCorp in 2006 as Vice Chair and head of Key Community Bank.
Prior to joining KeyCorp, Mooney served in a number of executive and senior finance roles with banks and bank holding companies including AmSouth Bancorp (where she served as Chief Financial Officer), Bank One Corporation, Citicorp Real Estate, Inc., Hall Financial Group, and Republic Bank of Texas/First Republic.
Mooney is a member of The Clearing House, The Business Council, and the Bank Policy Institute, a board member of the Greater Cleveland Partnership, Catalyst, and the United Way of Greater Cleveland, a trustee and Treasurer of the board of the Musical Arts Association, and Vice Chair and a trustee of the Cleveland Clinic Foundation.
On January 1, 2019, Mooney was appointed to a third one-year term as the Fourth Federal Reserve District’s representative on the Federal Advisory Council.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to KeyCorp and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2019 ($).