Broadridge has appointed Doug DeSchutter and Michael Tae as co-presidents of its investor communication solutions (ICS) business.
The ICS business sits at the centre of the network and connects hundreds of broker-dealers and wealth managers, thousands of public companies and tens of thousands of funds.
In their new roles, which take effect from 1 October 2023, DeSchutter and Tae will be responsible for all aspects of the company's ICS business segment, including the bank broker-dealer, corporate issuer, mutual fund and retirement businesses as well as customer communications solutions.
As part of a long-planned leadership transition, current ICS president Bob Schifellite will begin a new advisory role while advising Tae and DeSchutter as chairman of Broadridge's ICS.
Tae was appointed president of ICS's mutual funds, retirement, issuer and data & analytics businesses in January 2023.
Since joining Broadridge in 2017, he has led Broadridge's efforts to enhance innovation through a combination of acquisitions and internal investments, first as chief strategy and corporate development officer, and then later as chief transformation officer for ICS.
He has also driven the company's regulatory strategy, with a focus on developing solutions to enhance its fund and retail investor communications. Tae has also served as executive chair of Broadridge's multi-cultural associate network for DEI initiatives.
He began his career at McKinsey & Company before moving to Merrill Lynch investment banking where he was a vice president in their financial institutions group.
He later served as director of investments for the Troubled Asset Relief Program at the US Department of Treasury.
DeSchutter has been head of Broadridge's bank broker-dealer business since January 2023, Prior to that, he was president of Broadridge customer communications.
He has been a member of its executive committee for 16 years, joining Broadridge as chief strategy and corporate development officer when it first became an independent company.
Before joining Broadridge, he held various leadership roles at US software service ADP and was vice president of technology M&A at Lehman Brothers.
Tim Gokey, CEO of Broadridge, says: "Mike and Doug are proven leaders with a strong track record of leveraging innovation to deepen our relationships with clients and deliver strong financial results for our shareholders.
“I'm confident they will help drive the continued evolution of our investor communications business by accelerating innovation and driving digitisation. I am also excited to work with Bob in his new role, where he will use his strong relationships and tremendous leadership to help our business continue to grow."
DeSchutter comments: "Broadridge plays an important role in enabling corporate governance across public companies and funds, and I'm excited to work with Doug to further strengthen the value we provide to our clients and ensure that investors get the critical information they need to make better financial decisions.
“I'm thrilled to lead Broadridge's ICS business alongside Mike as we continue to innovate and solve for industry needs at scale, such as digital transformation, in partnership with our clients.”
Schifellite adds: "Mike and Doug are the right leaders now, and I am excited to see them take Broadridge ICS to its next phase. I look forward to using my 40 years of experience to support even greater outcomes for clients.”
