The Depository Trust & Clearing Corporation (DTCC) today announced four new industry leaders are joining the DTCC Board of Directors. The new directors include: Mark Alexander, managing director and head of Global Operations, Merrill Lynch & Co.; Ian T. Lowitt, co-chief administrative officer, Lehman Brothers Holdings Inc.; Louis G. Pastina, executive vice president of NYSE Operations, NYSE Euronext; and Neeraj Sahai, managing director and global head of Securities and Fund Services, Citi.
The 2008 DTCC Board will be made up of 21 directors, serving one-year terms. Seventeen directors are representatives of clearing agency participants, including international broker/dealers, correspondent and clearing banks, mutual fund companies and investment banks. Two directors are designated by the preferred shareholders, NYSE Euronext and FINRA, and the remaining two are the chairman and chief executive officer and the president of DTCC. All of the Board members except those designated by the preferred shareholders are elected annually.
“Our Board represents some of the world’s leading banks, broker/dealers and mutual fund companies, and our new directors bring unique strengths and backgrounds to this role,” says Donald F. Donahue, chairman and CEO of DTCC. “Their extensive experience in global operations and risk management will provide valued insight and guidance to DTCC as we continue to grow our businesses.”
Individuals are nominated for election as directors based on their ability to represent DTCC’s diverse base of participants, and Board committees are specifically structured to help achieve this objective. In addition, to ensure broad industry representation and expertise on key industry subjects, industry representatives that are non-Board members serve on a number of DTCC Board committees.
Earlier this year, Diane L. Schueneman, senior vice president, head of Global Infrastructure Solutions, Merrill Lynch & Co., Inc., Douglas H. Shulman, vice chairman, FINRA, and Duncan L. Niederauer, President and co-Chief Operating Officer, NYSE Euronext, retired from DTCC’s board.