KeyBank named Angela Mago, its head of commercial banking, as its next chief human resources officer, the Cleveland-based bank said in a filing last week.
Mago will transition into the role before Dec. 31, the bank said.
Mago, a 20-year KeyBank veteran, succeeds Brian Fishel — though it’s unclear whether Fishel’s departure was planned or not.
Fishel is retiring, American Banker reported, citing an email from a KeyBank spokesperson.
“We thank Brian for his leadership and wish him all the best,” bank spokesperson Matthew Pitts wrote in a statement that added Key is “always evaluating our business strategy to make sure we are delivering value for our many stakeholders.”
“This includes reviewing our organizational structure to make sure we are best aligned to meet our clients’ needs in an ever-changing competitive landscape,” Pitts wrote in the statement, seen by Crain’s Cleveland Business. “We recently announced some structural and leadership changes aimed at making it easier for our teammates to work at Key and for our clients to do business with Key.”
Ken Gavrity, who, since January 2020, has served as KeyBank's head of payment and analytics, succeeds Mago as president of commercial banking, according to his LinkedIn profile.
Mago’s other responsibility — overseeing KeyBank’s real estate capital business — will go to Randy Paine, president of Key's institutional bank, the spokesperson said.
With Fishel’s departure, KeyBank executive management team slims down to 12 members, from 13, American Banker reported.
But the bank has seen reductions elsewhere. The bank cut its workforce by roughly 900 people between November 2022 and last month, CEO Chris Gorman said during third-quarter earnings, according to Crain’s.
The bank counted 17,666 employees as of Sept. 30, compared with 18,220 at the end of March, bank filings indicated. That’s a roughly 3% drop.
Meanwhile, KeyBank reported net interest income of $923 million last quarter, a 23% decrease from the same three-month span in 2022, according to American Banker.
It is unclear whether Mago’s new role will come with a compensation boost. Mago received $3.6 million in 2022, according to Crain’s. That includes a $600,000 base salary, a $1.1 million cash bonus and $1.9 million in long-term incentive awards, American Banker reported.
Mago had served as president of KeyBank’s commercial bank and real estate capital business since 2019, according to her LinkedIn profile.
Fishel, a 10-year veteran of KeyBank, had served as the lender’s human resources chief since 2018. Before joining the Cleveland-based bank, he spent 14 years at Bank of America, according to his LinkedIn profile.
