By ALLISSA KLINE
akline@bizjournals.com | 716-541-1612

The top executive of KeyCorp Inc., the parent of the fourth-largest bank in Western New York, will retire in May.

The financial institution announced Nov. 18 that Henry Meyer III, 60, is set to leave his chairman and CEO post May 1. Beth Mooney, currently vice chair of KeyCorp and leader of Key's community banking business, will succeed him and become the first female CEO of the top 20 U.S. banks.

KeyCorp is parent of KeyBank NA, which held $3 billion in deposits in the eight counties of Western New York as of June 30. That represents 8.2 percent of the market share.

Meyer said he is leaving because he "simply believe(s) it's time for new leadership to take the organization to the next level," now that Key has returned to profitability. The bank reported net income of $163 million, or 19 cents per share, for the third quarter of 2010. The same quarter in 2009 yielded a net loss of $422 million, or 50 cents per share.

He is a 38-year employee at KeyCorp. He joined the former Society National Bank in 1972 and worked in the credit and commercial banking departments. He was elected senior executive vice president and chief banking officer of the newly formed KeyCorp in 1994 and moved up to chief operating officer in 1995. He became chairman and CEO in 2001.

Mooney joined KeyCorp in 2006. She worked previously at Citicorp Real Estate Inc., Hall Financial Group, Republic Bank of Texas, AmSouth Bancorp. and Bank One Corp. In leading the communication banking division, Mooney has overseen retail, business, commercial middle market and private banking, plus wealth management, Key investment services and KeyBank mortgage.