KeyCorp sets up rewards pool for top execs after Scotiabank investment

KeyCorp in Cleveland granted five executives, including CEO Chris Gorman, a total of $16.7 million in performance-based equity awards that will vest in two years.

The company disclosed in a regulatory filing that the executives will receive the awards if it meets capital requirements and earnings goals.

Gorman would receive nearly $7.6 million in equity rewards if the bank hits its goals in 2025 and 2026.

Clark Khayat, Key’s chief financial officer, would receive about $2.9 million in equity. Randy Paine, head of institutional banking, would receive roughly $2.6 million. Angela Mago, chief human resources officer, would receive nearly $2 million, while Amy Brady, chief information officer, is eligible to receive $1.6 million.

The awards, which vest in January 2027, could be higher, reaching up to 150% of the target value.

The potential payouts are tied to Scotiabank’s $2.8 billion investment in Key.