Former Chairman & Chief Executive Officer, KeyCorp
Profiles Of Success: Beth Mooney
Beth Mooney ...
About Beth Mooney
Beth Mooney, former Chairman and CEO of KeyCorp, was recognized with the Cleveland Foundation Women of Note Legacy Award in July 2017. In a tribute video for the award, Mooney described her early career, noting that after graduating from college in the mid-1970s she was frequently asked how fast she could type, which led to her first job as a bank secretary. She said that from that position she believed she could do more and made a series of moves between departments, eventually deciding in her late 30s that she wanted to become a CEO. Mooney stated that achieving that goal looked easier than it was and that she experienced a "dog caught the car" moment upon becoming CEO, accompanied by humility about the work required. In an October 2009 speech and Q&A as Vice Chair of KeyCorp, Mooney discussed the financial crisis and the Troubled Asset Relief Program (TARP). She said TARP "did what it was intended to do" in stabilizing the banking system and objected to the term "bailout," arguing that most TARP funds would be repaid with interest. Mooney described the Federal Reserve as "the unsung hero" for creating liquidity in frozen markets. She noted that bankers were "painted with a broad brush" and said the industry needed to rebuild trust by serving clients and communities. Mooney also called for re-regulation that would capture non-bank financial players, advocated for a systemic regulator, and stated that 25 percent of mortgage brokers in Ohio in 2006 had felony records. She expressed hope that healthcare reform would "get it mostly right" and that Cleveland institutions would have a voice in Washington.
Transcript (9 segments)
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Unknown0:00
So I have the pleasure tonight of introducing Beth Mooney, Chairman and CEO of KeyCorp. In addition to leading Key, Beth serves as a member of the board of directors of AT&T Corporation, the Federal Reserve Bank of Cleveland, the Financial Services Roundtable, and is a member of the supervisory board of The Clearinghouse. She has also been recognized by Forbes as one of the world's 100 most powerful women and by Fortune magazine as one of the top 50 most powerful women in the United States. Last year, Beth was named one of the most powerful women in banking for the third consecutive year by the American Banker. All this is truly impressive and well deserved, but to me, what is more relevant for this evening is the record of commitment that Beth has exhibited as a leader in both corporate and social responsibility. Beth serves as Chairman of the Greater Cleveland Partnership, as a trustee and treasurer of the board of the Cleveland Orchestra and Musical Arts Association, as trustee of the Cleveland Clinic Foundation, and as a member of the corporate reputation committee of AT&T. For the past nine years, KeyCorp's diverse and inclusive culture has been recognized by DiversityInc. The bank's foundation, which Beth chairs, gives over $20 million annually. I think we can all agree Beth has made KeyCorp the standard by which other institutions are measured. So it is with great respect and pleasure that I ask you to join me in congratulating the effort and the impact of this year's recipient of the Corporate Social Responsibility Award, Beth Mooney. Beth, here at the Cleveland Institute of Music, we know great performance when we hear it, and we want to congratulate you on being named Banker of the Year by American Banker magazine. We'd like to expand your award to the banker with the biggest heart, Miss Alto.
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Narrator2:10
Sometimes the pursuit of a professional career can distort a person's values. At other times, those values can remain undiminished, informing a working life with a strength of moral conviction and the imperatives of personal and civic duty. Beth E. Mooney's career path represents one of those other times. Beth Mooney has more than 30 years of experience in financial services. From the modest starting point of secretary, she eventually rose to her current position: Chairman, Chief Executive Officer, and President of banking giant KeyCorp, the first woman to lead a top 20 U.S. bank. Mooney is routinely listed among U.S. Banker magazine's 25 most powerful women in banking, among Fortune magazine's 50 most powerful women in business, and in Forbes magazine's rankings of the world's 100 most powerful women. But her long professional career is also matched by a lifetime of experience in another arena: improving the lives of her employees and the communities in which she has worked.
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Unknown3:23
Beth has an uncanny ability to read and navigate totally new situations as the outsider. For three years running, Beth found herself in three new high schools in three different states. But by the end of each of those school years, she was not only integrated into the power structure of the school, but she was running the place. Our father was fond of saying, 'She's the sergeant in our family.' Beth's one of the most determined and focused people I know. I think this goes back to the days as a young college graduate when she was trying to break into banking. She actually sat in the office of a Dallas banker and refused to leave until he put her in the bank's management training program. She's tenacious; she never turns down the challenge that she wants to take on. In every community in which she found herself, she left behind a legacy of good works that made her temporary home a better place to live. Today, here in Cleveland, she continues to set an example of leadership and engagement, not just for women in business, but for every decision maker who would leave a mark on the world.
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Beth Mooney4:32
When I had the opportunity to teach 11th grade American history as a student teacher in college, I quickly realized that was probably not what I wanted to do with my life. And as I interviewed for jobs in the mid-1970s in Texas, the most frequent question I got asked was, 'How fast can you type?' So that led me to my first job in a bank. I was a secretary. It occurred to me that I wanted to be a CEO one day, and I would have been in my late 30s at that point in time. And I will always tell you, it looked easier to get there than it actually was, and the job looked easier to do than it actually is. I had been working for this day. I had set my sights on becoming a CEO and taken risks and made moves, worked hard. So it was really a culmination of years of work and aspiration to get the job. But at the same time, also came at it with a deep sense of humility about what was it going to take to really do this well.
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Unknown5:32
Beth has an incredible work ethic, you know, kind of a no-excuses work ethic, which I love. She's doing a tremendous job for the bank. She's doing a tremendous job for the community. She's out and about in the trenches, not just, you know, in the C-suite. And I think that's been a wonderful thing for KeyBank. This will be her legacy, I think, the notion of being, frankly, not just a role model but an inspiration to women. I think is going to be huge. If you can unleash that feeling in people of being included, of being authentic, of being their best, and seeing themselves in a broader purpose of what the company does, to me, that's the highest value that a CEO can do: lift up a whole group of people.
Ladies and gentlemen, please join me in a warm John Carroll welcome for our 2016 commencement speaker, Beth Mooney.
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Beth Mooney6:30
And I think one of the best ways to thank them is not just in achieving success in your life, but achieving success in the way you live your life. Not what you achieve, but how you achieve it. What you do may define your accomplishments, but how you do it will define you. To know who you are and to truly understand your own personal true north, by making the right choices for you and by always doing the right things in the right way, I believe you'll find happiness. It has been said that passion is the genesis for genius. And I would tell you that in life, you will be faced with obstacles and with people who can only see what can't be done. You can't give up your passion if things don't go your way. Your passion is your power. Use it to stay focused, to work long and hard to achieve your goals. Your passion will fuel your dreams and lift your spirits. When I graduated from the University of Texas, a career in banking is not what I had in mind. In fact, the first job I landed out of college was as a secretary. I was Phi Beta Kappa and I had graduated summa cum laude, but when I interviewed, they wanted to know how fast I could type. But at one bank, I was given the opportunity to meet with the head of the training program, and I sat there in his office and I badgered and I bickered and I begged until three hours later, I just plain wore him down and he finally gave in and offered me a job. But he gave me much more than a job; he gave me an opportunity. He made it a condition of my employment that I go to school at night and earn my MBA. And without that credential, I would not be standing here today. What you do with the opportunities given to you in life is always part of the story. Acquire the credentials you will need for success. Your degree is just that, but don't stop there. Continue to go after the opportunities with the most potential to open the greatest number of doors for you going forward. Don't take no for an answer. Go out and do what it takes to succeed. Work hard, and then work harder. And when you get the chance to lead, do so with your best personal commitment to be part of the solution and to add value. Always be your best and never settle for anything less. If you can say that you always did your best, you'll never be sorry. Life is either too long or too short not to be happy at home and at work. I think that being happy, part of that is knowing that you are being and doing your best. If you follow this advice, you will always be able to look back with pride instead of regret. Giving back to the community is not only your responsibility; it is an opportunity to make a difference. Your community needs your talents as much as your career does. You will always be glad that you made service part of your personal tradition.
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Unknown10:13
She is an individual who cares very deeply about the things that are important to most of us who want to see a better world. That's what we as Jewish people have as our responsibility, and it's a terrible burden. But the Lord is merciful, and what the Lord says to us is that we cannot repair the whole world, but we do not have the right to desist from trying. I don't think there's been a day in Beth's life that she has desisted from trying. So Beth, whether you know it or not, we share that in common, and you are our inspiration to do that and to live up to that opportunity.
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Narrator11:12
Congratulations, Beth E. Mooney, the 2019 Maltz Museum Heritage Award recipient.