New York, April 22, 2013 – The Depository Trust & Clearing Corporation (DTCC) today announced the addition of five highly regarded and recognized leaders in global finance to its Board of Directors.
Following the annual shareholders’ meeting on April 18, 2013, the newly elected Board members are: Robert L.D. Colby, Chief Legal Officer, FINRA; Paul H. Compton, Co-Chief Administrative Officer for the Corporate & Investment Bank and Deputy Head of Operations, 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 is 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 market place.”
DTCC provides the critical infrastructure to serve all participants in the financial industry, including investors, commercial end-users, broker-dealers, banks, insurance carriers, and mutual fund companies. The company operates as a cooperative that is owned collectively by its users and governed by a diverse Board of Directors. DTCC’s governance structure includes approximately 345 user shareholders.
The Board is currently composed of 19 directors. Three are independent, non-participant directors. Twelve directors, including Messrs. Compton, Crawford and Linsz, and Ms. Harford, represent clearing agency participants, including broker-dealers, custodian and clearing banks, and investment institutions. Two directors, including Mr. Colby, are designated by DTCC’s preferred shareholders (NYSE Euronext and the Financial Industry Regulatory Authority). Two are management directors – the Executive Chairman and the President and Chief Executive Officer. All directors except those designated by the preferred shareholders are elected annually.
Messrs. 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, did not stand for re-election, having completed five years of service on the DTCC Board. The following individuals left the Board during 2012-2013 in connection with their respective retirements or changes of employment: Donald F. Donahue, former DTCC President and Chief Executive Officer; David A. Weisbrod, former Vice Chairman of Risk Management, JPMorgan Chase Bank, NA ; and Stephen Luparello, former Vice Chairman, FINRA.
For Robert L.D. Colby’s background and photo, go to http://www.dtcc.com/about/governance/bio_colby.php.
For Paul H. Compton’s background and photo, go to http://www.dtcc.com/about/governance/bio_compton.php.
For Suni P. Harford’s background and photo, go to http://www.dtcc.com/about/governance/bio_harford.php.
For Mark D. Linsz’s background and photo, go to http://www.dtcc.com/about/governance/bio_linsz.php.
For biographical information on all members of DTCC’s Board of Directors, go to http://www.dtcc.com/about/governance/board.php.
DTCC has operating facilities and data centers around the world and, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2012, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at US$37.2 trillion. DTCC’s global trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide.