New York, April 23, 2012 – The Depository Trust & Clearing Corporation (DTCC) today announced that its Board of Directors has elected Michael C. Bodson, currently Chief Operating Officer, as President and Chief Executive Officer of the company, effective July 1. Bodson succeeds Donald F. Donahue who will retire at the end of July.
Bodson will also serve as CEO of DTCC's principal operating subsidiaries: the National Securities Clearing Corporation (NSCC), The Depository Trust Company (DTC), and the Fixed Income Clearing Corporation (FICC). Bodson continues as a director on DTCC's Board.
“This appointment is part of DTCC’s long-term leadership succession strategy,” said Robert Druskin, Executive Chairman of DTCC’s Board. "Mike is a seasoned executive who has demonstrated significant ability to transform our business, manage risk, and increase transparency for our client partners especially during the last few years of market volatility and industry change. His decade-plus of experience with DTCC – both as an industry Board member and, more recently, as a senior DTCC executive for the past five years – has given him a strong understanding of DTCC’s operations, systems and risk management strengths and the critical roles they play in the financial markets. Over that time Mike has also proven to be an innovator and inspired leader. The Board has great confidence in his ability to lead DTCC for the future."
"I would like to express our sincere gratitude to Don and publicly recognize his stellar leadership, expertise and many accomplishments during his 26-year career at DTCC," adds Druskin. "Under Don's leadership, DTCC firmly established its global footprint and demonstrated a consistent ability to manage and mitigate systemic risk in the global capital markets. Don has been an influential voice in Washington, DC, advancing positive change on behalf of the entire financial services industry. It’s been a true pleasure for me to partner with Don to further DTCC’s efforts to strengthen the safety and soundness of the financial markets.”
For background on Michael C. Bodson
For background on Donald F. Donahue.
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC’s depository provides custody and asset servicing for almost 3.7 million securities issues from the United States and 121 other countries and territories, valued at US$39.5 trillion. In 2011, DTCC settled nearly US$1.7 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas. For more information, please visit www.dtcc.com.