8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 8-K


                 Current Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934



         Date of report (Date of earliest event reported): MARCH 3, 2003



                                  DATAKEY, INC.
             (Exact Name of Registrant as Specified in its Charter)


                                    MINNESOTA
                 (State or Other Jurisdiction of Incorporation)


         0-11447                                        41-1291472
(Commission File Number)                 (I.R.S. Employer Identification Number)


                            407 WEST TRAVELERS TRAIL
                           BURNSVILLE, MINNESOTA 55337
               (Address of Principal Executive Offices) (Zip Code)


                                  612-890-6850
              (Registrant's Telephone Number, Including Area Code)


                                 Not Applicable
          (Former Name or Former Address, if Changed Since Last Report)







ITEM 5.  OTHER EVENTS.

         On March 3, 2003, Datakey, Inc. issued a press release announcing the
resignation of Carl Boecher as its President and Chief Executive Officer and the
appointment of Tim Russell as its President and Chief Executive Officer as of
March 3, 2003. The full text of the press release is set forth in Exhibit 99
attached hereto and is incorporated in this Report as if fully set forth herein.


ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

         (a)      Financial statements:  None.

         (b)      Pro forma financial information:  None.

         (c)      Exhibits:

                  Exhibit 99 Press release dated March 3, 2003.




                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Dated:  March 4, 2003

                                            DATAKEY, INC.



                                            By       /s/ Alan G. Shuler
                                               ---------------------------------
                                               Alan G. Shuler
                                               Vice President and Chief
                                                   Financial Officer









                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  DATAKEY, INC.
                            EXHIBIT INDEX TO FORM 8-K



Date of Report:                                             Commission File No.:
March 3, 2003                                                            0-11447

- --------------------------------------------------------------------------------

                                  DATAKEY, INC.

- --------------------------------------------------------------------------------




EXHIBIT NO.                ITEM

                        
         99                Press Release dated March 3, 2003

EX-99

FINANCIAL CONTACT: Alan Shuler, Chief Financial Officer, Datakey, 952-808-2349,
or alan.shuler@datakey.com

INDUSTRY CONTACT: Colleen Kulhanek, Datakey, 952-808-2361, or
marketing@datakey.com


                           NEWS FOR IMMEDIATE RELEASE


                     TIM RUSSELL NAMED CEO OF DATAKEY, INC.

MINNEAPOLIS, MAR. 3, 2003 -- Datakey, Inc. (Nasdaq: DKEY), a leading developer
of smart card technology for securing e-business, today announced that Carl
Boecher has resigned as Datakey's President and Chief Executive Officer
effective as of today, March 3, 2003. Mr. Boecher is expected to continue as an
officer and director of the Company, serving as Vice Chairman of the Board of
Directors.

Tim Russell, Datakey's Vice President and General Manager, will replace Mr.
Boecher as President and Chief Executive Officer. Prior to joining Datakey in
1999, Mr. Russell held a senior level sales management position at Secure
Computing Corporation and several management and software engineering positions
at Ceridian/Control Data Corporation. Mr. Russell holds a B.S. degree in
Computer Science from the University of Minnesota.

ABOUT DATAKEY, INC.
Datakey, Inc. (www.datakey.com) focuses on delivering complete smart card-based
solutions that simplify access and identity management throughout the
enterprise. Datakey's comprehensive solution set makes it easier to administer
digital identities and to manage user access to a full range of corporate
resources. Our solutions reduce administrative costs while at the same time
providing stronger security. In turn, Datakey solutions make it much more
convenient and secure for users to login to company resources by consolidating
all digital credentials -- including passwords, digital certificates,
VPN/dial-up credentials and biometric data -- onto one smart card and automating
access through a single sign-on.