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By Market News Vidoe Staff, Friday, November 19, 9:20 AM ET
KeyCorp chairman and chief executive officer Henry Meyer III will retire as of May 1, 2011. KeyCorp said Beth Mooney, vice chair of the company and leader of its community banking business, will replace Meyer. In the interim, Mooney will serve as president and chief operating officer, as well as a member of the board. Meyer has worked at the bank for 38 years. When he began at the bank, it had 1.5 billion in assets. It now has $95 billion.
KeyCorp is in the top ten holdings of the iShares Dow Jones U.S. Regional Banks Index Fund (AMEX:IAT), at 2.71% of the portfolio. US Bancorp (NYSE:USB) is the top holding, at 18.78% of the fund, followed by PNC Financial Services (NYSE:PNC), at 11.63%. Rounding out the top five holdings are BB&T (NYSE:BBT), Northern Trust (NASDAQ:NTRS), and SunTrust (NYSE:STI).
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