KeyCorp has moved its commercial banking head into a role overseeing human resources and simultaneously reduced the size of its executive management team.
Angela Mago, Key's head of commercial banking since 2019, is now its chief human resources officer, the Cleveland-based company disclosed in a regulatory filing. Mago, who has been
The spokesperson for KeyBank's parent company declined to say whether Fishel's retirement was planned or more abrupt. Fishel had spent 10 years at Key after a 14-year stint at Bank of America, according to his LinkedIn profile.
Following Fishel's departure, Key's executive management team has shrunk from 13 members to 12.
Mago,
In a statement, Key said that it is "always evaluating" its business strategy and reviewing its organizational structure to make sure it is "best aligned to meet … clients' needs."
"We recently announced some structural and leadership changes aimed at increasing operational efficiency and making it easier for our clients to do business with Key," the company added.
Key has been struggling with
Net interest income in the commercial bank totaled $430 million during the third quarter, down 11.2% year over year, the company said last month.
In addition to paying more for deposits, the $188 billion-asset company is
Mago's previous duties as head of commercial banking will be split between two Key executives.
Ken Gavrity, who was Key's head of product and innovation for enterprise payments, succeeds Mago as head of commercial banking, and he also retains his former duties, according to the company spokesperson.
Meanwhile, Key's real estate capital business, which used to be under the direction of Mago, is now housed within Key's institutional bank, which continues to be managed by Randy Paine III, the spokesperson said.
As the new chief human resources officer, Mago will oversee employee recruitment, retention and development, Key said in its regulatory filing last week. The company had an average of 17,660 full-time equivalent employees in 2022, according to its most recent proxy statement. As head of commercial banking, Mago's team had more than 1,100 employees.
Under Mago's leadership, Key's affordable housing lending program experienced significant growth. The company ranked fourth on
Key declined to say if Mago's compensation package, which was valued at $3.6 million for 2022, will be adjusted for her new role.
Last year, Mago was awarded a cash bonus of $1.1 million, representing 75% of her short-term incentive target for the year, according to the bank's most recent proxy statement. She also received $1.9 million in long-term incentive awards, which was 100% of her long-term target.
In Mago's newly updated biography on KeyCorp's website, the company said she "has a passion for people and has built some of the company's most productive businesses." Key highlighted some of her achievements in its latest proxy statement, saying that Mago's leadership "helped grow" Key's loan book and noting that "Key continued to maintain discipline around credit quality, with net charge-offs well within [the bank's] targeted range despite economic uncertainty."
