KeyCorp Chairwoman and CEO Beth E. Mooney’s total compensation last year declined by 2 percent, to $7 million, despite an increase in her salary.
Mooney’s salary was $1.04 million in 2015, up by 4 percent from $1 million a year earlier. The drop-off in overall compensation – which includes factors such as stock awards – was mainly due to a lower company matching contribution to a savings plan last year than in 2014.
A regulatory filing detailed the 2015 pay packages for top executives at Key, the Cleveland-based bank that plans to acquire First Niagara Financial Group. Donald R. Kimble Jr., Key’s chief financial officer, had total compensation of $2.7 million last year, up from $2.43 million the year before.
Christopher M. Gorman earned total compensation of nearly $5 million last year as president of Key Corporate Bank. Gorman recently moved into the role of merger integration executive, overseeing plans to bring First Niagara’s operations into the Key fold.
Edward J. Burke, co-president of Key’s Community Bank, had total compensation of $3.9 million, while Dennis A. Devine, the other co-president, had total compensation of about $1.8 million.
Key will hold its annual shareholders meeting May 19 in Cleveland. All 14 of the board’s directors – including William G. Giesel Jr., president and CEO of Rich Products Corp. – are up for re-election.
Shareholders will vote on a proposal submitted by Gerald R. Armstrong, a shareholder who lives in Colorado, to require that the board chairman be an independent member of the board of directors. That would preclude Mooney from continuing to serve as both chairman and CEO. Key recommended its shareholders reject the proposal, saying the board should maintain the option of having one person hold both roles or to divide them.
Key hopes to complete its acquisition of First Niagara in the third quarter. Shareholders of both banks voted in favor of the deal, but regulators have yet to give their approval.