James Wert, chief investment officer at Cleveland-based KeyCorp, said he will take early retirement to spend more time with his two young children, whose mother died recently.
The 49-year-old widower is a 20-year veteran of Society Corp., which merged with KeyCorp in 1994. He was chief financial officer and senior executive vice president of KeyCorp until September 1995, when chairman and chief executive Robert Gillespie appointed him chief investment officer.
KeyCorp operated without a finance chief until February, when K. Brent Somers was hired.
In a prepared statement, Mr. Wert said he had no immediate plans to seek employment.
"I have been the beneficiary of a fulfilling career with Society Corp. and KeyCorp, and now I'm in a position to focus my full attention on the needs of my family. While I plan to remain active in a number of community activities, I have no plan to resume full-time business pursuits in the forseeable future."
Mr. Wert joined Society as vice president of investments in 1976. He was named chief financial officer of Society in 1990. As a vice chairman and one of four top executives at Society, he was instrumental in overseeing the merger with KeyCorp. He then became the merged company's first finance chief. Prior to his job at Society, Mr. Wert had been an investment officer with Chicago-based Continental Bank Corp.
KeyCorp, a $65 billion-asset company, said the job of chief investment officer will now be divided.
Chief operating officer Henry Meyer 3d will assume responsibility for investment banking and asset management.
John Simonson, executive vice president and treasurer, who had reported to Mr. Wert, will report to Mr. Somers.
