KeyCorp announced that Chairman and Chief Executive Officer Beth Mooney will retire May 1, 2020.

In anticipation of Mooney's retirement, the board announced Chris Gorman has been appointed President and Chief Operating Officer and a member of the Board of Directors, effective immediately.  Gorman will succeed Mooney as Chairman and CEO on May 1. Mooney has served in the role of Chairman and CEO since May 1, 2011 after joining the bank in 2006.  This announcement is in keeping with the Board's succession management process and will ensure a seamless leadership transition.

"On behalf of the entire Board, I'd like to congratulate Chris on his appointment.  We have had the opportunity to work closely with him and know that he will continue to lead Key with a focus on growth while maintaining Key's values," said Sandy Cutler, Lead Independent Director of KeyCorp's Board of Directors.

"We'd also like to thank Beth for her transformational leadership – from building a strong culture that attracts and retains talent, to delivering value for our shareholders while maintaining a client focus, to creating the blueprint in how to effectively invest in our communities," Cutler continued.

Mooney added: "My time at Key has represented some of the most rewarding years in my 40 years in banking. I am proud of what we've accomplished together, and I look forward to continued success under the leadership of Chris and the diverse and talented team at KeyBank."

Gorman joined the bank in 1998 as part of Key's acquisition of McDonald Investments, a registered broker-dealer where he held several leadership roles. During his time at Key, Gorman has led KeyBanc Capital Markets and served as President of Key Corporate Bank. Gorman was also responsible for leading the integration of First Niagara Financial Group.

In his current role as President of Banking, he is accountable for the revenue generating businesses across Key, including Consumer, Commercial and Institutional Banking.