CLEVELAND, May 22, 2014 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced at its annual meeting that shareholders can expect the company to be "Focused Forward" in 2014, and continue to execute on its relationship strategy that drove growth and shareholder value in 2013.
"Our relationship-based strategy, unique business model, and disciplined approach enabled us to grow despite economic headwinds," said Beth Mooney, CEO and Chairman, KeyCorp. "In 2013, Key acquired and expanded relationships with clients, invested in our businesses, improved efficiency, and returned peer-leading capital to our shareholders. We are proud of this record and it gives our shareholders confidence Key is on the right track."
During the annual meeting, shareholders elected 12 business leaders to Key's Board of Directors, highlighting the strength, diversity, and independence of the Board. The election was one of four proposals put before shareholders at the company's annual meeting, held Thursday, May 22 at One Cleveland Center in Cleveland, OH.
Shareholders heard from Mooney about the Board's approval on May 13, 2014 of an increase in Key's quarterly common stock dividend by 18%. One of the best capitalized banks in the country, Key received a "non-objection" from the Federal Reserve on their 2014 capital plan and, according to Mooney, estimated shareholder payout over the next four quarters could increase to over 80% of net income. Key's capital plan included up to $542 million in share repurchases during the next four quarters.Shareholders also ratified the appointment of Ernst & Young LLP as the company's independent auditors for the 2014 fiscal year and approved an advisory proposal on compensation of KeyCorp's named executive officers. A shareholder proposal which requested the Board separate the Chairman and Chief Executive Officer roles at Key was also presented and defeated.