The Depository Trust & Clearing Corporation (DTCC) has appointed Robert Druskin as chairman of its board of directors, effective April 18.
In December, DTCC announced it would separate the roles of chairman and CEO to enhance its governance and risk management oversight. This approach follows the global standard for corporate governance, and aims to ensure optimal checks and balances between the businesses and risk control functions, says Art Certosimo, presiding director of DTCCs board.
As DTCCs CEO, Donald F. Donahue will continue to oversee the companys domestic and international businesses, operations, technology and other functions (e.g., customer outreach and staff areas), and will report to Druskin.
Druskin brings decades of financial industry leadership experience to the role, most recently as chairman of E*Trade Financial Corporation.
DTCC has for years played a critical role in protecting the safety and soundness of the financial system, while helping foster growth and innovation in our capital markets, Druskin says. This is certainly an exciting time to join DTCC, as market participants are relying even more heavily on the infrastructure to mitigate risk for the industry. I look forward to partnering with Don, the accomplished DTCC leadership team and all our employees to continue delivering the world-class services that ensure the viability and efficiency of the financial markets and are the foundation of DTCCs global reputation.
Certosimo adds: Bob has had a very distinguished career in working with the securities industry and regulators to promote the sustainable growth and integrity of the financial marketplace. His in-depth experience in corporate governance, risk oversight, investment banking and operations strongly complements Dons expertise and the talents of DTCCs senior management team. The board is fully confident in Bobs and Dons leadership in this unprecedented time of change for our industry.
We are delighted to have Bob become an integral member of DTCCs senior management team, said Donahue. His expertise throughout his long career in the industry, coupled with his leadership and highly-regarded reputation, will be of great value to our organization, customers and employees, as we face heightened industry requirements to develop innovative, effective solutions that facilitate the health and competitiveness of the global capital markets.