Management
Willard E. "Bill" Carmel was a partner at McD since 1968. He was the corporate secretary from June 7, 1983, to July 23, 1984, and was the firm's president from July 23, 1984, to April 1, 1989. He would later become managing partner from 1989 to 1990 as well as CEO from April 1, 1989, to January 1, 1994. Eventually, Carmel would be chairman of the board from April 1, 1989, to August 1, 1995.[18]
Thomas M. McDonald ran the Private Client Group from June 1, 1997, until roughly 2003.[2] He left to become the president and CEO of Wayne Hummer Investments in Chicago.[19]
At the time of the KeyCorp merger, the chairman of the board of directors was Thomas M. O'Donnell, president and chief executive officer was William B. "Bill" Summers Jr., treasurer was Robert T. Clutterbuck, secretary was Thomas F. Mc Kee.[17] Bill Summers became CEO since January 1, 1994. He began with the firm in 1971 as an intern.[20]
Shortly after the merger, O'Donnell would retire and Summers would gain the chairman's title along with CEO. Summers would retain both titles for more than a year after the merger, and Clutterbuck would become president in 1998. Affectionately known as "Clutter" by friends and colleagues, Clutterbuck was an effective, hands-on manager, who also began with the firm as an intern on the muni bond desk within fixed income while he was in college. He joined the firm in June 1974 and in April 1977 was named the second youngest partner in firm history.[21] Later, Summers would pass the CEO mantle to Clutterbuck in 2000 but would remain chairman.[22] Although very popular with the rank and file, Clutterbuck's constant battles with the bank to preserve the McD culture made him no friends in Key Tower. Moreover, Clutterbuck refused to forgo his minimum annual bonus for 2001, despite the decision by the rest of Key's senior management to forsake bonuses following a difficult operating year. Thus, Clutterbuck received $1.289 million bonus pursuant to employment agreement signed as part of the merger, according to KeyCorp's 2002 proxy statement.[23] This led to his quick demise.
Yet, since Clutterbuck's employment agreement extended until December 31, 2004, and it stipulated that he serve as the chairman and chief executive officer of Key Capital Partners and the chief executive officer of McDonald Investments Inc., Key needed a way to mollify him. In August 2002, Clutterbuck would get the newly created vice chairman moniker and transitioned the CEO title to Robert G. Jones, a lifelong banker. However, buried within the details as a subtle shift in control. Jones would report to KeyCorp Chairman and CEO Henry Meyer instead of Summers, who was still the Chairman of McD.[24]
Yet, Jones surprised and impressed many McD employees in his brief two years as CEO. For instance, Jones spent considerable time learning the brokerage business and resisted major changes, particularly those that would rankle retail brokers. In the end, the well-regarded Jones was stuck in underfunded unit and had limited career upside at parent KeyCorp. Jones would eventually leave in September 2004 to become president and CEO of Old National Bank in Evansville, Indiana.[25]
It took roughly three months before Key would tap Robert B. "Yank" Heisler Jr., a long-time Key banker, to replace Jones as CEO. In fact, Heisler would retain the title of chairman of KeyBank N.A.[26] Both the delay in naming a replacement and the fact Heisler keeping his primary office down the street at Key Tower were harbingers of what would become of McD. He would be the last CEO of McD. Near that time, Salvatore A. "Sam" Messina, one of the principals of Essex, became the head of the Private Client Group.
Summers would remain as chairman until 2006.
Other executives
- Daniel F. Austin – was vice chairman, ran corporate and public finance – now outside director for Chess Financial Corp.[27]
- Brian Brennan – was national sales manager for fixed income, former NFL player[28] – now managing director debt capital markets for fixed income with KeyBank[29]
- Thomas G. Clevidence – was director of human resources – director of human resources at Olympic Steel
- Robert Clutterbuck – was CEO – now owner at The Clutterbuck Funds, a hedge fund
- Paul H. Carleton – was managing director in charge of investment banking in the 1980s – founded Carleton, McCreary, Holmes & Co., where he held the title of senior managing director, a position he maintained through the firm's acquisition by KeyCorp in 1996. Currently, managing partner of Carleton McKenna & Company
