Considine Steps Down as Chairman Of DTCC, Succeeded By Donahue
by Helen Cunningham
“Jill has left an indelible imprint on DTCC and our industry,” said Donahue. “She became chairman and CEO as we were entering a new millennium and she understood the need for DTCC to become a new organization for the 21st century. She was fearless in driving that transformation, and she did so with exuberance, determination and humor. She inspired and challenged everyone at DTCC to reach new heights, and while she had high expectations of us, she always had higher expectations of herself. Jill demonstrated that leaders must lead by example.”
Considine was recognized at DTCC’s July 31 officers’ meeting and all employees were invited to say their farewells to her the same day.
Considine’s legacy
Considine, who was DTCC’s first chairman and CEO, recognized that a unified DTCC could serve the industry far better than the sum of its parts, according to Donahue.
She spearheaded the 1999 integration of The Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC) that resulted in the formation of DTCC. This was followed by the 2003 merger of the MBS Clearing Corporation and Government Securities Clearing Corporation to create another subsidiary, Fixed Income Clearing Corporation (FICC).
“Jill has that rare combination of being able to articulate a far-reaching vision for an organization and then being able to execute a strategy to achieve that vision,” said Stephen Casper, DTCC board member and chairman and CEO, Fischer Francis Trees & Watts, Inc. “I would imagine that if we project 5 or 10 years out, Jill will be perceived as a true visionary in the financial services industry and for DTCC in particular.”
Bottom-line focus; global view
Considine’s initiatives to transform DTCC included instilling a more intense focus on the bottom line, which resonated across the industry. “Jill took an entity that not many people knew about and made it a world-class, commercial organization that was absolutely respected by all,” said Robert Silver, president, The Bravitas Group Inc., and a former DTCC board member.
John Thain, CEO of NYSE Euronext, said, “Thanks to DTCC’s successes under Jill’s leadership, the U.S. has among the lowest costs in the world for settlement and clearing, benefiting American investors, as well as the competitiveness of our financial markets.”
Considine also focused on expanding the organization’s international presence. “Jill had a unique ability to look at where the markets were going,” said Silver. “She understood that the U.S. securities business only represented around 40% of the market, and that if she didn’t take the enterprise forward, the U.S. financial markets would lose ground.”
A similar sentiment was expressed by Catherine Kinney, president and co-chief operating officer, NYSE Euronext, and a former DTCC board member. “Jill always focused on DTCC as a global company,” said Kinney. “She was always looking for opportunities and always working with customers in ways that would make the company an even larger global player – and I think you’re going to see the fruits of that investment and foresight for years to come.”
Steadfast leadership
Considine distinguished herself as a leader in difficult times, including 9/11 and the 2003 blackout in the Northeast United States, serving to reassure the industry that its infrastructure was secure and resilient.
“There have been a number of challenges in our business and Jill has been able to step up with her intellect, her integrity and her knowledge of the business, both from the banking side as well as from the broker/dealer side,” said Kinney.
Reflecting on Considine’s tenure at DTCC, Donahue noted that the true test of any leader’s legacy is how the organization fares once she has moved on. “It is clear that DTCC has some spectacular accomplishments ahead,” he said, “which demonstrates the success of the profound changes that Jill led DTCC through over the past eight years.” @