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GARY R. ALLEN TO REPLACE JAMES R. WATERSTON AT KEYCORP; JAMES P. MENZIES NAMED KEY BANK OF NEW YORK PRESIDENT

 ALBANY, N.Y., June 21 /PRNewswire/ -- KeyCorp (NYSE: KEY) Chairman, President and Chief Executive Officer Victor J. Riley, Jr. and James R. Waterston today jointly announced Waterston's resignation from KeyCorp. Waterston had been KeyCorp's group executive vice president and chief banking officer since January 1992.
 Riley also announced that Waterston's duties had been assumed by Gary R. Allen. Allen, 44, had been the president and chief executive officer of KeyCorp's largest subsidiary, the $13 billion Key Bank of New York, headquartered in Albany. Succeeding Allen as president and chief executive officer at Key Bank of New York is James P. Menzies, also 44.
 Commenting on the announcements, Riley said "Jim Waterston has shown strong character in making this decision now. He could have waited and hoped that things might work out in accordance with his career aspirations, but it was increasingly clear to both of us that Jim's long banking experience in a highly structured organization made him uncomfortable with KeyCorp's more flexible management system." Continued Riley, "Gary Allen's successful career at KeyCorp has shown me that his management style is well suited to assumption of the increased responsibilities of being our chief banking officer. His track record as a Key Bank president has earned him this opportunity. Jim Menzies has also earned his opportunity, and his familiarity with Key Bank of New York's management structure and loan portfolio will allow him to 'hit the ground running' in his new post."
 Waterston reflected that "My career goal is to become the chief executive officer of a major banking organization. Since that seems no longer possible at KeyCorp, I decided to pursue that goal elsewhere. Our parting is amicable, and I wish Gary Allen the best of luck as my successor."
 As president and chief executive officer of Key Bank of New York, Allen was responsible for overseeing the formation of the bank from the mergers of three formerly separate Key Banks in New York State in mid- 1991. Prior to that he was the chairman and chief executive officer of Key Bank of Western New York. During his tenure he has overseen the integration into his bank of the government-assisted acquisitions of the former Empire Federal Savings and Loan, and Goldome Savings Bank -- the latter being the largest acquisition in the history of the KeyCorp organization.
 Menzies has served as KeyCorp's executive vice president and chief credit officer since December 1991. He began his career at KeyCorp in 1974 and was responsible for establishment of the company's loan review program. He has been in charge of the program since its inception, adding other responsibilities as he was promoted through KeyCorp's officer ranks. The loan review program has been widely acclaimed by industry analysts, and is seen as one of the primary reasons for the consistently high quality of KeyCorp's loan portfolio.
 KeyCorp (NYSE: KEY), with assets over $30 billion, is a multi- regional bank holding company headquartered in Albany, New York. It has focused its banking expansion activities in the Northeast and Northwest. As "America's neighborhood bank," KeyCorp pursues a middle-market target concentrating its resources in cities and smaller communities of the northern tier of states, thus avoiding overcrowded marketplaces and single industry loan exposure.
 -0- 6/21/93
 /CONTACT: Lee Irving, 518-486-8579, or 518-479-3273 after hours; or Susan Peterson, 518-486-8258, or 518-587-3008 after hours; both of KeyCorp/
 (KEY)


CO: KeyCorp ST: New York IN: FIN SU: PER

KL -- CL007 -- 4020 06/21/93 11:44 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
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