Stuart Z. Goldstein
New York, Oct. 23, 2002 - John W. Cummings, senior vice president and chief operating officer of Global Technology & Services at Merrill Lynch & Co., Inc. and a member of the firm's Executive Management Committee, has been elected to The Depository Trust & Clearing Corporation's (DTCC) Board of Directors.
The 21 DTCC board members are also directors for The Depository Trust Company, National Securities Clearing Corporation, Government Securities Clearing Corporation, MBS Clearing Corporation and Emerging Markets Clearing Corporation, all subsidiaries of DTCC.
"John Cummings brings to our board a broad range of managerial experience, especially in technology and operations," said Jill M. Considine, chairman and CEO of DTCC. "I know his unique global perspective on the world's markets will prove an asset to DTCC, as well."
In his current role, which he assumed in February 2002, Cummings manages Merrill Lynch's technology, service and operations functions globally, supporting Merrill Lynch core businesses in Global Markets & Investment Banking, U.S. and International Private Client, and Merrill Lynch Investment Managers. He also oversees the coordination and consolidation of all global technology strategic initiatives, contingency planning, real estate, purchasing, corporate security and vendor relationship management efforts.
Cummings joined Merrill Lynch in 1981 and served previously as the organization's head of Global Services and U.S. Private Client Services. In addition to being on DTCC's board, he is also a director on the boards of Merrill Lynch Trust Company FSB and Merrill Lynch Financial Data Services, Inc.
He graduated with a B.A. in economics from Fairfield University.
About DTCC: The Depository Trust & Clearing Corporation (DTCC), with operating facilities in multiple locations in the U.S. and overseas, is a holding company for six subsidiary businesses - a depository and five clearing corporations - as well as the co-owner with Thomson Financial of a global joint venture called Omgeo. Through its subsidiaries, DTCC provides clearance, settlement and information services for equities, corporate debt, municipal debt, government securities and mortgage-backed securities in the U.S., and emerging markets debt trades globally. It is also a leading clearinghouse for mutual funds and insurance products, linking funds and carriers with distribution networks. In addition, DTCC provides custody and asset servicing for more than two million securities from the U.S. and 84 other countries. For more information on DTCC, see www.dtcc.com.
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