DTCC announced on April 25 that Donald F. Donahue has been elected by DTCC's Board of Directors to become chairman and chief executive officer (CEO), effective August 2007. Donahue was elected CEO last year.

The Board also elected William B. Aimetti as president and chief operating officer (COO) of DTCC. Aimetti was elected COO last year. His new appointment will also be effective August 2007.

Both Donahue and Aimetti will serve as directors on DTCC's Board.

Jill M. Considine, DTCC's current chairman, will be stepping down in August, as part of a long-term corporate succession plan that she introduced. The Board has asked Considine to continue to serve DTCC as senior advisor.

Succession planning
"This decision is part of a prudent, long-term effort to ensure a phased-in succession plan that's in keeping with our responsibility for certainty and reliability in post-trade clearance and settlement, and that positions the organization for the future, said Considine. "Don Donahue and Bill Aimetti are enormously talented executives and proven leaders, who have played a major role in building DTCC into the world's largest post-trade infrastructure organization.

In addition to his new role at DTCC, the holding company, Donahue will become chairman and CEO of its core subsidiaries: National Securities Clearing Corporation (NSCC), The Depository Trust Company (DTC) and the Fixed Income Clearing Corporation (FICC). Aimetti will likewise become president and COO of DTCC, as well as its core subsidiaries.

Donahue, a 20-year veteran of DTCC and DTC, has served as CEO of DTCC since May 2006. Aimetti, a well-known and respected industry veteran, has served as DTCC's COO since May 2006.

Considine's legacy
"The Board would like to publicly acknowledge and thank Jill Considine for her terrific leadership of DTCC. Jill took on this role during a period of tremendous change in the securities industry. Through her vision and steady hand, she led the historic drive to consolidate several clearing corporations serving vertical markets and a depository into a single infrastructure organization, known as DTCC. This has saved the industry hundreds of millions of dollars in operating costs and fee reductions - and has helped to ensure that U.S. capital markets are among the most competitive in the world, said Stephen P. Casper, presiding director of DTCC's Board and chairman and CEO of Fischer Francis Trees & Watts, Inc.

"Jill's accomplishments at DTCC are numerous. They include her stewardship on September 11, 2001, when she made the tough decision to keep DTCC open, only 10 blocks from the World Trade Center, to ensure $280 billion in securities transactions were settled that day and $1.8 trillion were settled that week. Her actions during that period were critical to the reopening of the U.S. financial markets the following week, and to sustaining global confidence in the resiliency of U.S. capital markets.

"She has also played a major role in transforming DTCC's organizational culture to one of certainty, and with a commitment to quality, innovation and dedication to its customers and employees. Last year, DTCC received a 91% overall customer satisfaction survey score, the third year in a row customers gave the company such high scores. Jill has also expanded DTCC's business activities into the OTC [over-the-counter] derivatives market, led the launch of Omgeo, a joint venture with Thomson Financial, and has positioned the company to be a global service provider that is able to respond to the challenges that such globalization will inevitably bring. Her efforts to put forward a multi-year succession plan for DTCC underscore the type of forward-thinking leadership that remains her legacy, said Casper. @