Robert Druskin has been appointed chairman of the board of the Depository Trust & Clearing Corporation, effective April 18, 2011.
In December, DTCC announced that it would separate the roles of chairman and chief executive officer to ensure a best-in-class approach in DTCC’s 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,” said Art Certosimo, presiding director of DTCC’s board of directors.
As DTCC’s chief executive officer, Donald Donahue will continue to oversee the company’s domestic and international businesses, operations, technology and other functions (eg, customer outreach and staff areas), reporting to Druskin.
“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,” said Druskin. “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 DTCC’s global reputation.”
“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,” said Certosimo. “His in-depth experience in corporate governance, risk oversight, investment banking and operations strongly complements Don’s expertise and the talents of DTCC’s senior management team. The Board is fully confident in Bob’s and Don’s leadership in this unprecedented time of change for our industry.”
“We are delighted to have Bob become an integral member of DTCC’s 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 organisation, 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.”
Druskin brings decades of financial industry leadership experience to the role, working in some of the most critical and senior-level positions in banking and the global capital markets. Most prominently, he was at Citigroup and its predecessor companies, and more recently, as chairman of E*Trade Financial Corporation.
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