Five new members have been elected to the board of The Depository Trust & Clearing Corporation (DTCC).
They are Robert L.D. Colby, chief legal officer of FINRA; Paul H. Compton, co-chief administrative officer for the Corporate & Investment Bank and deputy head of Operations at JPMorgan Chase; David C. Crawford, executive vice president and head of Global Transaction Banking Services at State Street; Suni P. Harford, managing director and regional head of Markets for North America at Citigroup; and Mark D. Linsz, corporate treasurer for Bank of America.
The board, which currently has 19 directors, includes three independent, non-participant directors; 12 representing clearing agency participants, including broker-dealers, custodian and clearing banks, and investment institutions; two directors designated by DTCC's preferred shareholders; and two management directors.
"We are proud to have such a stellar group of industry and regulatory experts serving on DTCC's board," says DTCC Executive Chairman Robert Druskin. "The diversity of companies they represent and the perspective they bring related to the global capital markets is critical, especially at this time when the industry's infrastructure is being looked upon by market participants and supervisors around the world to help bring greater safety, efficiency and transparency to the financial system.
"Bob, Paul, David, Suni and Mark are universally well respected in their fields, and they will provide invaluable leadership as DTCC furthers its mission to protect our clients and shape the future direction of the market place."
Recently departed board members include Mark Alexander, chief information officer and head of Technology & Operations for Global Wealth and Investment Management at Bank of America Merrill Lynch, and Neeraj Sahai, managing director and global business head - Securities and Fund Services at Citi, who did not stand for re-election in the latest board meeting after having completed five years on the DTCC Board.
Three others have left in 2012-13 due to retirement or change in employment, including Donald F. Donahue, former DTCC president and CEO; David A. Weisbrod, former vice chairman of Risk Management at JPMorgan Chase; and Stephen Luparello, former vice chairman of FINRA.