"As director tenure goes up director independence goes down. Mr. Cutler has 23-years director tenure. Mr. Cutler's long tenure makes him a prime candidate to retire. It is time for a change given that our stock was at $37 in 2007, relatively early in Mr. Cutler's tenure," according to the proposal. "Mr. Cutler and Mr. Christopher Gorman, KeyCorp Chair and CEO, were the 2 directors who received the most against votes at the 2021 annual meeting. Mr. Cutler received up to 40-times the against votes of other KeyCorp directors. Plus, Mr. Cutler chairs the Governance Committee, in which he is dubiously given the role of resisting shareholder proposals like this proposal that could improve our long-term declining stock price." Since 2000, the highest value Key's stock has reached was just less than $40 per share. It hit that level in February 2007 on the doorstep of the financial crisis.