KeyCorp Chairman and CEO Beth Mooney will retire on May 1, 2020. The board of directors has named Chris Gorman president and chief operating officer and chosen him to succeed Mooney upon her retirement.

Gorman has also been named a member of the board, effective immediately. He will succeed Mooney as both chairman and CEO on May 1st, roles she has served in since May 1, 2011 after joining the bank in 2006.

“On behalf of the entire board, I’d like to congratulate Chris on his appointment. We have had the opportunity to work closely with him and know that he will continue to lead Key with a focus on growth while maintaining Key’s values,” said Sandy Cutler, lead independent director of KeyCorp’s board

“We’d also like to thank Beth for her transformational leadership – from building a strong culture that attracts and retains talent, to delivering value for our shareholders while maintaining a client focus, to creating the blueprint in how to effectively invest in our communities.”

Gorman joined the bank in 1998 as part of Key’s acquisition of McDonald Investments, a registered broker-dealer where he held several leadership roles. During his time at Key, Gorman has led KeyBanc Capital Markets and served as president of Key Corporate Bank. Gorman was also responsible for leading the integration of First Niagara Financial Group.

In his current role as president of Banking, he is accountable for the revenue generating businesses across Key, including in the Consumer, Commercial, and Institutional Banking verticals.