KeyCorp vice chairman resigns to join AIG
9:11 am, February 8, 2010
One of the top executives at KeyCorp (NYSE: KEY) is headed to the now-infamous American International Group, otherwise known as AIG. Key said Peter D. Hancock, vice chair responsible for its national banking business groups, has resigned from the company effective immediately to become executive vice president, finance, risk and investments at AIG (NYSE: AIG), the giant insurer that was at the center of the global financial crisis in late 2008. Mr. Hancock has made the change after only 14 months at Key. He came to Key in December 2008 after serving as managing director of Trinsum, an international strategic and financial advisory firm.
"Peter's leadership, experience and strategic insights have made a significant impact on our company," KeyCorp CEO Henry L. Meyer III said in a statement. "In the midst of one of the most tumultuous periods of financial disruption, he led significant efforts to rebalance our business mix, tighten our focus on market opportunities with the best intrinsic value and further our capabilities to provide integrated solutions to meet our clients' needs.
"This opportunity for Peter is one of tremendous importance to AIG and to our country's financial system as a whole,” Mr. Meyer said. “We will miss him, and we sincerely wish him well in this new endeavor."
Key said “interim management arrangements will be announced shortly.”
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