New general counsel takes reins at DTCC 02 February 2017London Reporter: Stephanie Palmer
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The Depository Trust & Clearing Corporation (DTCC) has appointed Ann Shuman as general counsel, as her predecessor Larry Thompson steps down to focus full-time on his vice chair position.
Thompson has been with DTCC since 1981, when he joined as associate counsel. He became general counsel in 2005, and has also held his vice chair position since 2015.
Focusing on his vice chair responsibilities full-time, Thompson will lead public policy engagement with regulators and lawmakers, which also acting as a senior advisor to the firm and chief spokesperson.
Shuman was previously managing director and deputy general counsel, a position she has held since she joined DTCC in 2014.
Taking over the general counsel role, she will advise senior management and the board of directors in legal and regulatory matters. She will also join the management committee, and with continue to oversee the global legal team.
Michael Bodson, president and CEO of DTCC, said: “Over the years, Ann Shuman has distinguished herself for her sharp legal mind, her deep understanding of the complexities and nuances of financial market infrastructures, and her collaborative approach to managing significant legal matters.”
“As general counsel, she will be in an even stronger position to protect DTCC and make contributions that will benefit the firm, our clients and the industry.”
Regarding Thompson’s role change, Bodson said: “Larry Thompson has been devoting an increasing amount of his time to building relationships with policymakers globally and raising awareness of the firm and our capabilities in addition to his responsibilities as general counsel and chairman of the Deriv/SERV board of directors.”
“As we expect to continue facing regulatory scrutiny in the coming years as well as the potential for new legislation and further regulatory developments, Larry Thompson will focus on these issues to protect our interests and promote DTCC’s critical role in reducing risk for the industry.”
Both appointments were effective as of 1 February.
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