The DTCC Board of Directors elected Michael C. Bodson as President and CEO of the company, effective July 1. Bodson succeeds Donald F. Donahue, who will retire at the end of July. Bodson, who is currently DTCC’s COO, was elected by DTCC’s Board at its April meeting.
Bodson will also serve as CEO of DTCC’s principal operating subsidiaries: National Securities Clearing Corporation (NSCC), The Depository Trust Company (DTC) and Fixed Income Clearing Corporation (FICC). He continues as a Director on DTCC’s Board.
“This appointment is part of DTCC’s long-term leadership succession strategy,” said Robert Druskin, DTCC’s Executive Chairman. “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.”
‘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.’ – Robert Druskin, DTCC Executive Chairman
Donahue’s ‘stellar leadership’
“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,” added 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, D.C., 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.”
Donahue has been with DTCC and its predecessor organizations since 1986. He has been DTCC President and CEO, as well as CEO of DTC, NSCC and FICC, since 2006. He also served as Sector Coordinator for the U.S. Banking and Finance Sector from 2004 to 2006, under an appointment by then-Treasury Secretary John Snow, in connection with the U.S. Treasury Department’s responsibilities on critical infrastructure protection matters. @