KeyCorp (KEY) Chief Executive Beth Mooney has been named to a prestigious board seat.

Mooney is joining AT&T's (NYSE:T) board of directors, the telecommunications company announced Friday. She will sit on the corporate development and finance committee.

Mooney "is an exceptional executive and will be a great addition to our board," Randall Stephenson, AT&T's chairman and chief executive, said in the news release. "Her outstanding record of leadership, management expertise and accomplished career in the financial services industry will be invaluable to us."

American Banker named Mooney the most powerful woman in banking earlier this month. She has been KeyCorp's CEO since 2011 and is also chairman of the Cleveland, Ohio, company's board.

Mooney will become the third banker to join AT&T's board. James Blanchard, who was the chief executive of Synovus (SNV) in Columbus, Ga., for more than 20 years, and John B. McCoy, who headed Banc One Corp., are also directors.

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