KeyCorp names new lead independent director

Core Viewpoint - KeyCorp is undergoing significant changes to its board of directors following criticism from activist investor HoldCo Asset Management regarding the bank's performance and calls for CEO Chris Gorman's dismissal [1][3]. Group 1: Board Changes - KeyCorp appointed Todd Vasos, CEO of Dollar General, as the bank's lead independent director, succeeding Alexander M. "Sandy" Cutler, who has served for 10 years [2]. - Directors Carlton Highsmith and Ruth Ann Gillis will retire at the bank's annual meeting on May 14, 2023 [2]. - KeyCorp has nominated Antonio DeSpirito, a former BlackRock executive, and Christopher Henson, a former Truist executive, to replace Highsmith and Gillis [3][4]. Group 2: Investor Criticism - HoldCo Asset Management, which holds a $140 million stake in KeyCorp, criticized the board's performance, claiming that Cutler has overseen significant underperformance over the past 25 years [3]. - The activist investor asserted that "every single director" at KeyCorp has failed their constituents [3]. Group 3: Strategic Goals - The new nominees are expected to support KeyCorp's strategy aimed at driving disciplined growth, enhanced profitability, and shareholder value [5]. - Gorman emphasized that the new board members bring expertise in capital markets, banking operations, and financial oversight, which aligns with KeyCorp's priorities [4].