Following DTCC’s annual shareholders’ meeting on April 18, 2013, five highly regarded and recognized leaders in global finance joined DTCC’s Board of Directors.
They are Robert L.D. Colby, Chief Legal Officer, the Financial Industry Regulatory Authority (FINRA); Paul H. Compton, Chief Administrative Officer, JPMorgan Chase; David C. Crawford, Executive Vice President and Head of Global Transaction Banking Services, State Street; Suni P. Harford, Managing Director and Regional Head of Markets for North America, Citigroup; and Mark D. Linsz, Corporate Treasurer, Bank of America.
“We are proud to have such a stellar group of industry and regulatory experts serving on DTCC’s Board. The diversity of companies they represent and the perspective they bring related to the global capital markets are critical, especially at this time when the industry’s infrastructure is being looked upon by market participants and supervisors around the world to help bring greater safety, efficiency and transparency to the financial system,” said DTCC Executive Chairman Robert Druskin. “Bob, Paul, David, Suni and Mark are universally well-respected in their fields, and they will provide invaluable leadership as DTCC furthers its mission to protect our clients and shape the future direction of the marketplace.”
The DTCC Board is composed of 19 directors. Twelve directors, including Compton, Crawford, Harford and Linsz, represent clearing agency participants, including broker/dealers, custodian and clearing banks, and investment institutions. Three are independent, non-participant directors. Two directors, including Colby, are designated by DTCC’s preferred shareholders (NYSE Euronext and FINRA). Two are management directors – DTCC Executive Chairman Druskin and President and CEO Michael C. Bodson. All directors except those designated by the preferred shareholders are elected annually by the common shareholders.
The five newly elected members replace two members of the Board who did not stand for re-election, having completed five years of service. They are Mark Alexander, Chief Information Officer and Head of Technology & Operations for Global Wealth and Investment Management, Bank of America Merrill Lynch, and Neeraj Sahai, Managing Director, Global Business Head – Securities and Fund Services, CitiServices. In addition, three individuals left the Board during 2012-13 in connection with their respective retirements or changes of employment: Donald F. Donahue, former DTCC President and CEO; David A. Weisbrod, former Vice Chairman of Risk Management, JPMorgan Chase Bank, NA; and Stephen Luparello, former Vice Chairman, FINRA.
“We will miss their counsel, dedication and hard work. They gave extraordinary service to DTCC, particularly during the years following the global financial crisis,” Druskin noted. “Their tireless support helped us move the company forward in the face of significant risks and challenges.”