Keycorp /New/ 8-K, filed Nov 17, 2022
Keycorp /New/ (KEY)
About this 8-K
Keycorp /New/ filed this 8-K on November 17, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On November 17, 2022, KeyCorp (the “Company” or “Key”) issued a press release announcing that Donald R. Kimble, Vice Chairman, Chief Administrative Officer and Chief Financial Officer of the Company, will retire from the Company effective May 1, 2023. The Company also announced that Clark H.I. Khayat, Chief Strategy Officer of the Company, will succeed Mr. Kimble as Chief Financial Officer effective upon Mr. Kimble’s retirement.
A copy of the Company’s press release announcing Mr. Kimble’s retirement and the naming of Mr. Khayat as his successor is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Forward-Looking Statements
This Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “goal,” “objective,” “plan,” “expect,” “assume,” “anticipate,” “intend,” “project,” “believe,” “estimate,” “will,” “would,” “should,” “could,” or other words of similar meaning. Forward-looking statements provide management’s current expectations or forecasts of future events. If underlying assumptions prove to be inaccurate or unknown risks or uncertainties arise, actual results could vary materially from these projections or expectations. Factors that could cause Key’s actual results, circumstances, results or aspirations to differ from those described in the forward-looking statements can be found in Key’s Form 10-K for the year ended December 31, 2021, and any subsequent reports filed with the Securities and Exchange Commission (“SEC”) by Key, as well as Key’s registration statements under the Securities Act of 1933, as amended, all of which are or will upon filing be accessible on the SEC’s website at www.sec.gov and on Key’s website at www.key.com/ir. Forward looking statements speak only as of the date they are made and Key does not undertake any obligation to update the forward-looking statements to reflect new information or future events.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit |
Description | |
| 99.1 | Press Release dated November 17, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| KEYCORP | ||||||
| Date: November 17, 2022 | ||||||
| /s/ James L. Waters | ||||||
| By: | James L. Waters | |||||
| General Counsel and Secretary |
Exhibit 99.1
KeyCorp announces retirement of Chief Financial Officer, Donald R. Kimble
and names Chief Strategy Officer, Clark H.I. Khayat, as successor
CLEVELAND, November 17, 2022 /PRNewswire/ — KeyCorp (NYSE:KEY) announced that Donald R. Kimble, Chief Financial Officer (CFO) and Chief Administrative Officer, will retire on May 1, 2023. He will be succeeded by Clark H.I. Khayat, currently Chief Strategy Officer.
“Don is a highly respected leader both inside and outside our company, using his expertise to help shape our strategy and position Key for sound, profitable growth,” said Christopher M. Gorman, Chairman and Chief Executive Officer of KeyCorp. “On a personal note, I want to thank Don for his tireless commitment, sound judgement, and steadfast leadership.”
“I want to congratulate Clark on his planned succession as KeyCorp’s Chief Financial Officer upon Don’s retirement,” Chris added. “Clark is a strategic and purpose-driven leader who has played a critical role in both developing and executing our strategy. He has a deep understanding of the operating environment, our industry, and our organization.”
Khayat will continue to serve as a member of KeyCorp’s executive leadership team reporting to Chairman and Chief Executive Officer Chris Gorman and as CFO, will oversee the finance function, including such areas as accounting, tax, treasury, financial planning and analysis, investor relations and corporate strategy.
Khayat joined KeyCorp in 2012, leading Corporate Strategy and then serving as Group Head of Commercial Payments. He established Key’s enterprise payments and Fintech partnership strategies. Khayat led the company’s strategy to build targeted scale through a series of investments in capabilities such as digital and analytics as well as successful niche acquisitions, including Laurel Road, Cain Brothers, and Pacific Crest.
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About KeyCorp
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $190.1 billion at September 30, 2022. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.