Printer Friendly


 ALBANY, N.Y., and CLEVELAND, Nov. 29 /PRNewswire/ -- Members of the Management Committee for the new KeyCorp have been announced by Victor J. Riley, Jr., KeyCorp (NYSE: KEY) chairman, and Robert W. Gillespie, Society Corporation (NYSE: SCY) chairman. The Management Committee is the group of senior executives who will guide the overall strategic direction of the new company following the proposed merger of Society Corporation and KeyCorp. The merger is scheduled for completion in the first quarter of 1994, pending shareholder and regulatory approvals.
 Specifically, the Management Committee will assist Riley and Gillespie in establishing policies and providing strategic direction for the corporation's business. They will also review the progress of the corporation's strategic and business plans and monitor financial performance.
 Named to the new KeyCorp Management Committee are:
 -- Victor J. Riley, Jr., who will become chairman and chief executive officer;
 -- Robert W. Gillespie, who will become president and chief operating officer;
 -- Gary R. Allen, who will serve as a group executive for banking;
 -- Carter B. Chase, who will be responsible for legal affairs;
 -- Henry L. Meyer III, who will serve as a group executive for banking;
 -- Roger Noall, who will serve as the executive responsible for administration; and
 -- James W. Wert, who will serve as the executive responsible for finance.
 According to Riley, "Announcing our Management Committee now represents a major step forward in finalizing the structure for the new KeyCorp. This focus on business going forward is crucial to the continued success of the new organization. Additional management announcements will be forthcoming throughout the merger process, as we move ahead in our planning and integration efforts."
 Gillespie noted that the team will be responsible for implementing the strategies that emerge from the integration planning process currently underway. "Upon completion of the merger, our Management Committee will direct the company's activities to bring the best service to customers throughout our markets by capitalizing on the strengths of the combined organization. This guidance will form the foundation for the growth of our business in the coming years.
 "In addition, we expect to complete our top-level management assignments by year-end, marking another milestone in determining the overall organizational structure of the new KeyCorp."
 Riley and Gillespie said that the merger process is on schedule and is proceeding extremely well. Integration task forces representing KeyCorp's and Society's major businesses and administrative areas are meeting aggressive timetables in working to plan the combination of the two companies.
 Merger-related applications have been filed with the Securities and Exchange Commission and the Federal Reserve Bank of Cleveland.
 Society Corporation and KeyCorp announced the signing of a definitive agreement to merge Oct. 4, 1993. The new company would be headquartered in Cleveland and rank as the 10th largest bank holding company in the nation with more than $58 billion in total assets and nearly 1,400 branch and affiliate offices in 18 states.
 Gary R. Allen will serve as a group executive for banking. He serves KeyCorp as executive vice president and chief banking officer. He joined Key Bank of Western New York in 1980 as a senior vice president. He became executive vice president in 1988 and was elected chairman and chief executive officer later that same year. Prior to assuming his present position in June 1993, he was the chief executive of the $14 billion Key Bank of New York. He earned his bachelor of science degree at the State University of New York at Albany. He is a graduate of the Stonier Graduate School of Banking and attended the New York State Bankers' School at Cornell University.
 Carter B. Chase will be responsible for legal affairs. He joined KeyCorp in 1990 as senior vice president and assistant general counsel, having served as a senior partner in the Syracuse-based law firm of Hiscock & Barclay, which he joined in 1974. Before that, he created a legal department for Crouse-Hinds Company in Syracuse where he was named vice president, general counsel and secretary in 1969. A member of Phi Beta Kappa, Carter graduated from Syracuse University and received his law degree from the New York University School of Law.
 Henry L. Meyer III will serve as a group executive for banking. He is vice chairman and chief banking officer of Society Corporation and is responsible for all of Society's affiliate banks and the retail and commercial banking functions within the holding company. He joined Society National Bank in 1972 as a management trainee and held positions of increasing responsibility in the credit and commercial banking departments. He served as president and chief operating officer of the former Society Bank, N.A. in Dayton, Ohio and was the retail center executive for Society Corporation. He received a bachelor of arts degree in econometrics from Colgate University and an M.B.A. from the Harvard Business School.
 Roger Noall will serve as the executive responsible for administration. He is vice chairman and chief administrative officer of Society Corporation and is responsible for the principal staff and support functions corporatewide. He joined the former Central National Bank in 1983 and was named chief administrative officer following the merger of Centran into Society in 1985. Noall is responsible for audit, information technology and operations, law, human resources, strategic planning and marketing, corporate development, and credit policy and asset review. He is a graduate of the University of Utah, Harvard Law School and New York City University Graduate School of Law. He also attended the Harvard Business School's Advanced Management Program.
 James W. Wert will serve as the executive responsible for finance, including funding, asset/liability management, investments, financial reporting and accounting. He is vice chairman and chief financial officer of Society Corporation. He joined Society as vice president -- investments in 1976. He has held a variety of executive management assignments in portfolio and funds management, strategic planning, corporate banking and investment banking. He is responsible for Society's finance and control and treasury management groups and also has oversight responsibility for the investment management and trust services business of Society Corporation. He holds a bachelor's degree in finance from Michigan State University, attended the Kellogg Graduate School of Management at Northwestern University from 1971-75 and completed the Stanford University Executive Program in 1982.
 -0- 11/29/93
 /CONTACT: John Fuller of Society Corporation, 216-689-8140, or Sue Peterson of KeyCorp, 518-486-8258/

CO: Society Corporation; KeyCorp ST: Ohio, New York IN: FIN SU: PER

BM -- CL007 -- 8182 11/29/93 10:06 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 29, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters