Boston, MA 04/11/2014 (wallstreetpr) – Shares of financial services provider KeyCorp (NYSE:KEY), fell almost 4 percent in the last session. The stock tumbled just a few days after the company announced a new executive structure.
The company is struggling to cut expenses by taking some of its operations online and on mobile. The bank is also seeking to add more customers in the form of small businesses and private and commercial consumers.
In the latest executive shakeup, the company created two executive positions from the roles previously held by Bill Koehler as president of small business and branches banking. Mr. Koehler left the bank, and he will be succeeded by Dennis Devine and E.J Burke. Several executives have left the bank in the past 10 months.
Mr. Devine will serve as co-president and head of small business and consumer banking while Mr. Burke will serve as co-president and head of private and commercial banking.
Splitting the roles is expected to help the bank better respond to its customer needs and achieve quick growth. The new co-presidents will work in tandem to ensure that KeyCorp (NYSE:KEY) improves and grows its business among consumers, high-net-worth clients and businesses in 12 states served by the bank.
Eye on clarity
According to the bank’s CEO Beth Mooney, KeyCorp (NYSE:KEY) always looks for new and better ways to ensure a clear focus and clarity in financial services delivery. The latest developments are, therefore, intended to ensure achievement of focus and clarity in the small business, branch banking and community operations of the company.
Executives with proven track record
The new co-presidents are not new at KeyCorp (NYSE:KEY), and even so, they have proven performance track record. Mr. Devine, for instance, joined the bank in 2012 and has been responsible for the company’s retail operations that serve about 2 million customers across 12 states. On the other hand, Mr. Burke who joined the bank in 2000 has been responsible for the community and real estate capital lending segments of the bank.
