01—Abstract
Summary
Summary of the 8-K filed February 26, 2024. Cited figures are marked; the original filing is the authoritative source.
KeyCorp (NYSE: KEY) filed a Current Report on Form 8-K on February 26, 2024, to disclose a leadership change in its accounting function.
Douglas M. Schosser, Chief Accounting Officer, intends to resign effective March 15, 2024, to pursue a senior executive position at another company. The filing states that the company has named Stacy L.
Gilbert, its Corporate Controller, to succeed him as Chief Accounting Officer and to assume the responsibilities of principal accounting officer upon his resignation. The announcement is framed by management as a planned, well-prepared succession. CFO Clark Khayat is quoted as saying he is confident the succession will result in a smooth transition, and he cited Ms. Gilbert's more than 25 years of accounting and financial reporting experience with publicly traded financial institutions.
Ms. Gilbert has served as Corporate Controller since August 2023 and previously held roles including Assistant Corporate Controller and Senior Director of External Reporting and Accounting Policy. She first joined Key in 2002, left for FirstMerit Corporation in 2008, and rejoined Key in 2016. The filing contains no financial results or guidance.
It describes the event as a personnel change in a senior finance role, with the press release (Exhibit 99.1) providing the details. The filing also notes that KeyBank had approximately $188 billiona in assets at December 31, 2023.
02—Key points
Key Highlights
- Douglas M. Schosser, Chief Accounting Officer, intends to resign effective March 15, 2024, to pursue a senior executive position at another company.
- Stacy L. Gilbert, Corporate Controller, will succeed Schosser as Chief Accounting Officer and assume principal accounting officer responsibilities upon his resignation.
- Gilbert has served as Corporate Controller since August 2023 and previously held Assistant Corporate Controller and Senior Director of External Reporting and Accounting Policy roles.
- Gilbert first joined Key in 2002, left for FirstMerit Corporation in 2008, and rejoined Key in 2016.
- CFO Clark Khayat cited Gilbert's more than 25 years of accounting and financial reporting experience with publicly traded financial institutions.
- Management described the transition as well-planned and expects it to be smooth.
- KeyCorp had assets of approximately $188 billion at December 31, 2023, and operates approximately 1,000 branches across 15 states.
03—Questions
Frequently Asked Questions
Who is leaving KeyCorp's accounting leadership and when?
Douglas M. Schosser, Chief Accounting Officer, intends to resign effective March 15, 2024, to pursue a senior executive position at another company.
Who is replacing him?
Stacy L. Gilbert, the Corporate Controller, will succeed him as Chief Accounting Officer and assume the responsibilities of principal accounting officer upon his resignation.
What is Ms. Gilbert's background?
She has served as Corporate Controller since August 2023 and previously held Assistant Corporate Controller and Senior Director of External Reporting and Accounting Policy positions. She first joined Key in 2002, worked at FirstMerit Corporation from 2008, and rejoined Key in 2016.
Does this announcement include financial results or guidance?
No. The 8-K reports only a personnel change in the accounting leadership. Its single exhibit is a press release announcing the resignation and successor.
04—Continue