After 35 years with KeyCorp, the parent company of KeyBank, including six as Albany regional president, Jeff Stone will be out as the region’s president as of June 30.
The move came after KeyBank’s decision to restructure the company, which essentially eliminates Stone’s position.
“Jeff is a well-respected leader,” said Therese Myers, spokeswoman for KeyBank’s New York area. “We went from 18 districts to nine regions, so there had to be some movement.”
Hugh Donlon will take over as president of the Capital Region market and regional sales executive for the newly titled Eastern New York Region, made up of the former Albany, Syracuse and Tarrytown regions.
“It was really to improve efficiency and reduce costs,” said Myers. “It also removes the layer of management that puts our clients in closer touch with our executive and allows us to react a little closer when clients need something.”
The retail sales manager in Albany, Tony Lanzillo, will also be losing his job, as his position will now be controlled from Syracuse.
“We still have our local decision-making, we still have our local sales team,” said Myers. “But it’s just kind of flattening the organization.”
KeyBank has made some other structural moves recently. KeyCorp Chief Financial Officer Jeffrey Weeden announced May 10 he would retire after 11 years on June 30. KeyCorp later announced Donald Kimble Jr. would take over for Weeden.
“I’m proud to have been a part of the KeyCorp team,” said Weeden. “I feel honored to have worked alongside a team of talented professionals.”