-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K+Ju5JrfHMTSvjQbAunReH7XrmPB/BpkB8C7m3SRwzTxzzWa3eg3eYxpg5kAGFXA yJU42YQ5YgRZJoSiL4fOzw== 0000950152-02-007237.txt : 20020927 0000950152-02-007237.hdr.sgml : 20020927 20020927152143 ACCESSION NUMBER: 0000950152-02-007237 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020927 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020927 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEYCORP /NEW/ CENTRAL INDEX KEY: 0000091576 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 346542451 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11302 FILM NUMBER: 02774709 BUSINESS ADDRESS: STREET 1: 127 PUBLIC SQ CITY: CLEVELAND STATE: OH ZIP: 44114-1306 BUSINESS PHONE: 2166896300 MAIL ADDRESS: STREET 1: 127 PUBLIC SQ CITY: CLEVELAND STATE: OH ZIP: 44114-1306 FORMER COMPANY: FORMER CONFORMED NAME: SOCIETY CORP DATE OF NAME CHANGE: 19920703 8-K 1 l96437ae8vk.txt KEYCORP * FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15d of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 27, 2002 [KeyCorp Logo] ------------------------------------------------------ (Exact name of registrant as specified in its charter) Ohio 0-850 34-6542451 - -------------------------------- ------------------------------------ ------------------------------------- (State or other jurisdiction Commission File Number (I.R.S. Employer Identification No.) of incorporation or organization) 127 Public Square, Cleveland, Ohio 44114-1306 - ---------------------------------------- ----------------------------------- (Address of principal executive (Zip Code) offices)
Registrant's telephone number, including area code: (216) 689-6300 ITEM 5. OTHER EVENTS ------------ KeyCorp announced on September 26, 2002, that Jeffrey B. Weeden will join the company as Chief Financial Officer effective September 30, 2002. Mr. Weeden replaces K. Brent Somers, who earlier this year announced his retirement. The announcement is attached as Exhibit 99.1 to this report. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS --------------------------------- (c) Exhibits 99.1 The Registrant's September 26, 2002, announcement of Jeffrey B. Weeden's appointment to the position of Chief Financial Officer. SIGNATURE 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 thereunto duly authorized. KEYCORP -------------------------------------- (Registrant) Date: September 27, 2002 /s/ Thomas C. Stevens -------------------------------------- By: Thomas C. Stevens Vice Chairman, Chief Administrative Officer and Secretary EX-99.1 3 l96437aexv99w1.txt EX-99.1 PRESS RELEASE EXHIBIT 99.1 KeyCorp (ticker: KEY, exchange: New York Stock Exchange) News Release - 9/26/2002 JEFFREY B. WEEDEN JOINS KEYCORP AS CHIEF FINANCIAL OFFICER CLEVELAND, Sep 26, 2002 /PRNewswire-FirstCall via COMTEX/ -- Company's Senior Management Team Now in Place KeyCorp announced today that Jeffrey B. Weeden will join the company as chief financial officer, effective September 30. This action completes the restructuring of Key's senior management team, which Henry L. Meyer III initiated in 2001, when he was named Key's CEO. Weeden was most recently president and CEO of MFN Financial Corporation, a national consumer finance company, based in Lake Forest, IL. Prior to joining MFN Financial, he was senior vice president and chief financial officer of Firstar Corporation, a Milwaukee-based bank holding company. Weeden also has held senior positions at Banks of Iowa, Inc. and the accounting firm of Ernst & Young, both in Des Moines, Iowa. Weeden replaces K. Brent Somers, who earlier this year announced his retirement from Key. "Jeff has a proven track record as a chief financial officer and a conservative accounting philosophy that fits well with Key's long-standing policies," Meyer said. "Equally important, he brings to us the broader management expertise he gained at MFN Financial, first, as chief operating officer, then as CEO. He will work as a partner with our line-of-business leaders to drive financial performance, focusing particularly on profitable revenue growth, which is clearly our highest priority." At MFN Financial, Weeden was a senior member of the management team that rehabilitated the company, then merged it with Consumer Portfolio Services, Inc. in March 2002. This work included divesting non-core businesses, consolidating operations and substantially reducing expenses, as well as modernizing and automating the financial and underwriting systems and restructuring the organization around sales, underwriting and collections. During his seven years at Firstar, beginning in 1991, Weeden was involved intimately in the bank's merger and acquisition activities, including the merger of Star Banc Corporation with Firstar. He also completed a number of initiatives that improved the efficiency and effectiveness of the bank's financial and accounting functions. Beyond new leadership, Key has undergone a number of other strategic and operating changes since Meyer became CEO, including: * Completing a corporate-wide performance initiative that reduced Key's annual expenses by more than $200 million; * Exiting several non-core and transaction-oriented businesses that did not reflect Key's relationship-based orientation; * Strengthening loan loss provisions to $1.5 billion; * Further integrating McDonald Investments and Key by consolidating all institutional business within a single organization and similarly combining the investment brokerage and private banking functions; and * Simplifying the company by reducing Key's reporting structure from 22 to 10 businesses. "These strategic and organizational changes -- and the strong management team we now have in place -- position us well to take advantage of opportunities as the economy improves," Meyer said. Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $83 billion. Key companies provide investment management, retail and commercial banking, retirement, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company's businesses deliver their products and services through KeyCenters and offices; a network of approximately 2,300 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com(R), that provides account access and financial products 24 hours a day. SOURCE KeyCorp CONTACT: Media, John Fuller, +1-216-689-8140, or william_fuller@keybank.com, or Analysts, Vernon L. Patterson, +1-216-689-0520, or vernon_patterson@keybank.com, both of KeyCorp URL: http://www.key.com http://www.prnewswire.com Copyright (C) 2002 PR Newswire. All rights reserved. -----END PRIVACY-ENHANCED MESSAGE-----