New York/London/Hong Kong/Singapore/Sydney, May 15, 2023 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that DTCC Board member Kevin M. Kessinger has been appointed Non-Executive Chairman of the DTCC Board of Directors and Chairman of the Board Executive Committee, effective January 1, 2024. Kessinger assumes the Non-Executive Chairman position from Robert Druskin, who is retiring from the DTCC Board at the end of 2023 after serving twelve years.
“We would like to express our deep gratitude to Bob Druskin for his tireless service and many contributions to DTCC and the broader financial services industry. We wish him all the best upon his retirement,” stated Frank La Salla, DTCC President, CEO and Director. “We would also like to congratulate Kevin on his appointment as Non-Executive Chairman. Kevin brings a significant amount of experience in financial services technology and operations, strong leadership capabilities and deep business acumen to continue to drive the Board and DTCC forward.”
Mr. Druskin said, “It has been an incredibly rewarding experience to lead the Board for the past 12 years and to play a role in DTCC’s continued evolution and growth. The Board has always set a bold vision for DTCC’s strategic direction, and we worked in close partnership with the management team to strengthen the company and position it for long-term success. I congratulate Kevin on his appointment and look forward to working with him to ensure a seamless transition of responsibilities over the course of this year.”
Mr. Kessinger has been a member of DTCC’s Board since 2021 and chair of the Businesses, Technology & Operations Committee since 2022. He is a former Advisory Board Member of Tricentis and has served in that same capacity with Fenergo, Ondot, and Sutter Hill Ventures. Most recently, Mr. Kessinger was on the Board of Directors for Scottrade Financial Services and also was a Senior Advisor for The Boston Consulting Company. Previously, Mr. Kessinger spent five years as Chief Information Officer and Head, Corporate Shared Services, for TD Bank in Canada. He was with Citigroup for 13 years where he was on the Management Committee. During his tenure at Citigroup, his positions included Head, Global Operations and Technology, President and CEO of Citi’s Consumer Finance, North America and Chief Operating Officer of CitiCards, North America.
Mr. Kessinger said, “It is an honor to be appointed Non-Executive Chairman of the DTCC Board. Bob Druskin has been an outstanding steward and strategist, having brought fresh, new ideas and approaches to the organization. I’m very excited by the opportunity to work with my colleagues on the Board, as well as Frank La Salla and the DTCC management team, to build upon the organization’s outstanding record of serving the industry.”
DTCC also announced today that William Hirshorn has been elected as a new DTCC Board member, effective immediately.
Mr. Hirshorn is a Managing Director at Morgan Stanley and the Global Head of Shared Services and Banking Operations as well as the Regional Head of Americas Branch Operations. During his career, Mr. Hirshorn held leadership roles across a variety of disciplines including Technology, Strategy, Risk Management and Change Management. He’s been an Operations executive for two decades leading global functions such as Commodities Operations, Clearing Operations and Treasury Services. He assumed responsibility for Morgan Stanley’s Americas Branch Operations in 2011 and Global Shared Services and Banking Operations in 2021.
Mr. Druskin said, “Congratulations to Bill on his appointment to the Board. He brings vast experience across technology, risk and operations, all of which will be great assets as he works with his fellow Board members to advance the firm’s mission.”
Mr. Hirshorn said, “I am pleased to join the DTCC Board of Directors and to be part of such an impressive organization. I look forward to working with my fellow board members to oversee the firm’s continued growth and success.”
In addition to the appointments, Claudine Gallagher retired from the DTCC Board effective March 30, 2023, having met her five year term limit. Gary Stern, chair of the Risk and Governance Committees and member of the Executive and Audit Committees, will step down from the Board at the end of 2023 after serving for 13 years.
Added Mr. Druskin, “Gary and Claudine have been outstanding Board members who have made many contributions to the firm and the industry during their tenure. We appreciate their insights and contributions to DTCC and the industry.”
The DTCC Board of Directors is currently comprised of 21 Directors. Of these, 13 are participant Directors who represent clearing agency members, including international broker/dealers, custodian and clearing banks, and investment institutions; four are non-participant Directors; two Directors are designated by DTCC's preferred shareholders, ICE and FINRA; and the remaining two Board members are DTCC's Non-Executive Chairman and its President and Chief Executive Officer.
With 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2022, DTCC’s subsidiaries processed securities transactions valued at U.S. $2.5 quadrillion. Its depository provides custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $72 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 17.5 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube, Facebook, and Instagram.