New York, May 18, 2012 – The Depository Trust & Clearing Corporation (DTCC) today announced the election of three renowned and well respected leaders in financial services to its Board of Directors. The three new Board members are Darryll Hendricks, Head of Strategy and Regulatory Reform for UBS Investment Bank; Cynthia Meyn, Executive Vice President and Senior Operations Manager for PIMCO; and Brian T. Shea, Chief Executive Officer of Pershing LLC.
Hendricks, Meyn and Shea are among the 11 representatives of DTCC's participants who serve on DTCC's 19-member Board.
“We are very pleased to have such an exceptional group of people from a diverse set of companies join DTCC's Board, especially during this time of change that has highlighted the important role operational infrastructure plays in mitigating risk and achieving greater efficiency for our industry,” said DTCC Executive Chairman Robert Druskin. “Darryll, Cynthia and Brian have exceptional expertise and insight and will do an outstanding job of helping DTCC continue to protect our customers and the financial markets.”
Nominations for Board membership are sought each December from DTCC's common shareholders (firms that use DTCC’s services). Shareholders are then invited to vote for nominees, with the newly-elected members joining the Board in April for one-year terms. The Board also includes three members of DTCC’s management team, three who are not affiliated with participants, and two members appointed by DTCC’s preferred shareholders (NYSE Euronext and the Financial Industry Regulatory Authority). Non-participant directors are individuals with specialized knowledge of financial services who help bring an independent perspective to the Board because they do not work for any of DTCC’s clients.
For Darryll Hendricks’ background and photo: http://dtcc.com/about/governance/bio_hendricks.php
For Cynthia Meyn’s background and photo: http://dtcc.com/about/governance/bio_meyn.php
For Brian T. Shea’s background and photo: http://dtcc.com/about/governance/bio_shea.php
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.