KeyCorp Holds 2016 Annual Meeting
Shareholders Re-elect Board; A Year of Significant Progress
CLEVELAND, May 19, 2016 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced at its annual meeting that shareholders can expect the company to remain "Focused Forward" in 2016, by improving financial performance, executing against strategic priorities, investing for growth and remaining disciplined with risk and capital.
"During my five years as CEO, I have never been more enthusiastic about the future of this company and the opportunities that lay before us. Key has made significant progress over the past year, and we are well-positioned to accelerate our growth," said Beth Mooney, CEO and Chairman, KeyCorp. "We are excited about the opportunities we have as we prepare to bring Key and First Niagara together, and we remain confident in our ability to deliver on our commitments and financial targets."
During the annual meeting, shareholders elected 14 nominees to KeyCorp's Board of Directors, each holding executive leadership positions within a variety of national and international organizations, across a number of industries. Board elections was one of five proposals put before shareholders at the company's annual meeting, held Thursday, May 19 at One Cleveland Center in Cleveland, OH.
Mooney reflected on KeyCorp's strong performance in 2015, highlighting commitments met and sizeable returns on investments in the company: "We saw strong levels of retail and corporate client growth, record results in a number of our fee-based businesses, and improved productivity across our franchise." KeyCorp generated positive operating leverage in 2015 that, according to Mooney, was among the strongest in its peer group and reflects the ability to grow revenue while controlling expenses, despite market weakness.
Other proposals presented and approved by shareholders included the appointment of Ernst & Young LLP as the company's independent auditor for the 2016 fiscal year, an advisory proposal on compensation of KeyCorp's named executive officers, and a proposal on the terms of a performance-based compensation plan. A shareholder proposal which requested the Board separate the Chairman and Chief Executive Officer roles at KeyCorp was presented but was not approved by the shareholders.
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key had assets of approximately $98.4 billion at March 31, 2016. Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 12 states under the name KeyBank National Association. 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.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management's current expectations and forecasts regarding future events many of which are inherently uncertain and outside of Key's control. Key's actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Factors that could cause Key's actual results to differ materially from those described in the forward-looking statements can be found in Key's Annual Report on Form 10-K for the year ended December 31, 2015, which has been filed with the SEC and is available on Key's website at www.Key.com/IR and on the SEC's website at www.sec.gov. Key does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
SOURCE KeyCorp
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