As part of a broad effort to remake the company, KeyCorp unveiled a reorganization of its community banking unit, renamed it, and said it is searching for a banker to head up the division.
The Cleveland-based company said Wednesday that the new person will be appointed as a vice-chairman and president of KeyBank, formerly known as Key consumer banking. The company said an external search for the candidate is in progress.
The $89.9 billion-asset company's consumer banking division is now divided into three groups: retail, community, and McDonald Financial Group, its brokerage unit. The division will also include local middle-market corporate banking, the company said in a press release. National commercial banking, including upper middle-market clients, will remain under the Key commercial and investment bank division.
Consumer finance, including education lending, commercial auto, home equity, and mortgage, are now under the corporate banking umbrella and will be led by Michael Butler.
The new KeyBank president will join Thomas C. Stevens, chief administrative officer, and Thomas Bunn, Key corporate and investment bank president, as vice chairmen and will be a member of Key's 13-person management committee, the company said.
"The actions we are announcing today continue the effort we began last year to better align product, sales, and support in the field," Mr. Meyer said in a statement. "Most important, the refinements we've made in managing four consumer banking operations greatly enhance our ability to build a consistent, customer-driven sales process within our field sales forces.."
Mr. Meyer, who became the chief executive in February 2001, has recruited several bankers to top management positions including Jeff Weeden from MFN Corp. as chief financial officer, Mr. Bunn from Bank of America Corp. in 2002, and Tim King from Wells Fargo & Co. as chief executive of KeyBank.
Under the new management structure, Mr. King becomes president of retail group, which will manage centralized activities of the company's branch network. Jack Kopnisky, president of consumer banking, left last month to pursue entrepreneurial activities.
George Emmons, who previously led the commercial middle-market and real estate capital business, will now lead the community bank. In addition to taking care of the community banking, he will be responsible for commercial middle-market banking in local markets.
Robert Heisler will lead McDonald Financial Group, and E.J. Burke, who formerly led commercial mortgage lending, will succeed Mr. Emmons.
