KeyCorp CEO Says Bank Aligned With Activist on Some Major Points

KeyCorp Chief Executive Officer Chris Gorman said the bank is “still digesting” the points raised by HoldCo Asset Management, but is aligned with the activist investor on some major key points.

HoldCo last week released a presentation called “Read My Lips: No New Acquisitions,” urging the company to swear off bank deals and pursue stock buybacks. The investor also said the bank should terminate Gorman and not renominate the board’s lead independent director.

While Gorman didn’t address the push to remove him from the CEO role, he said other key points — including the moratorium on bank deals and ...