The Depository Trust & Clearing Corporation’s (DTCC) Board of Directors announced today that Robert Druskin (right) has been appointed Chairman of the Board, effective April 18, 2011.
Druskin brings decades of financial industry leadership experience to the role, working in some of the most critical and senior-level positions in banking and the global capital markets. Most prominently, he was at Citigroup and its predecessor companies, and more recently, as Chairman of E*Trade Financial Corporation.
In December, DTCC announced that it would separate the roles of Chairman and Chief Executive Officer to ensure a best-in-class approach in DTCC’s governance and risk management oversight. “This approach follows the global standard for corporate governance, and aims to ensure optimal checks and balances between the businesses and risk control functions,” said Art Certosimo, Presiding Director of DTCC’s Board of Directors.
As DTCC’s Chief Executive Officer, Donald F. Donahue will continue to oversee the company’s domestic and international businesses, operations, technology and other functions (e.g., customer outreach and staff areas), reporting to Druskin.
“DTCC has for years played a critical role in protecting the safety and soundness of the financial system, while helping foster growth and innovation in our capital markets,” said Druskin. “This is certainly an exciting time to join DTCC, as market participants are relying even more heavily on the infrastructure to mitigate risk for the industry. I look forward to partnering with Don, the accomplished DTCC leadership team, and all our employees to continue delivering the world-class services that ensure the viability and efficiency of the financial markets and are the foundation of DTCC’s global reputation.”
“Bob has had a very distinguished career in working with the securities industry and regulators to promote the sustainable growth and integrity of the financial marketplace,” said Certosimo. “His in-depth experience in corporate governance, risk oversight, investment banking and operations strongly complements Don’s expertise and the talents of DTCC’s senior management team. The Board is fully confident in Bob’s and Don’s leadership in this unprecedented time of change for our industry.”
“We are delighted to have Bob become an integral member of DTCC’s senior management team,” said Donahue. “His expertise throughout his long career in the industry, coupled with his leadership and highly-regarded reputation, will be of great value to our organization, customers and employees, as we face heightened industry requirements to develop innovative, effective solutions that facilitate the health and competitiveness of the global capital markets.”
Background on Druskin
Druskin has been Chairman of the Board of the online brokerage and banking firm E*Trade since December 2009, and Lead Director since May 2009. He acted as interim Chief Executive Officer from December 31, 2009 to March 31, 2010, responsible for E*Trade’s overall operations. He also served on the firm’s Nominating and Governance Committees, as well as chairing the Financial and Risk Oversight Committee.
He spent nearly 16 years at Citigroup and its predecessor companies in a number of senior executive positions across the organization. He was Chief Operating Officer and Member of the Office of the Chairman from 2006 to 2007, responsible along with the Chief Executive Officer for all business units in the firm. Also reporting to Druskin was the Chief Operations and Technology Officer. He spent four years at Citi’s Global Corporate and Investment Banking division, first as President and Chief Operating Officer, then as Chief Executive Officer.
During his time as Citigroup’s Chief Operations and Technology Officer, he oversaw the company’s operations and technology organization globally, as well as its real estate, shared services and business continuity initiatives.
Druskin was with Smith Barney Inc. and later, Salomon Smith Barney for nine years as Chief Administrative Officer and as the head of the Asset Management and Futures Divisions. Prior to joining Smith Barney, he was Chief Financial Officer of Shearson Lehman Brothers.
Highly active in the area of corporate governance, Druskin sits on the Advisory Boards of Riverwood Capital and of Constellation Wealth Advisors, the Board of the United Negro College Fund, and is Chairman of Guiding Eyes for the Blind. Previous board affiliations include the Securities Industry Association (now Securities Industry and Financial Markets Association), Affiliated Computer Services, New York University Downtown Hospital and Rutgers University.
A Bachelor of Arts graduate of Rutgers College, Druskin is a resident of Bedminster, New Jersey.
Background on Donahue
Donahue has been with DTCC and its predecessor organizations since 1986, holding senior-management positions in a variety of areas across the company. He was named Chief Executive Officer of DTCC and its three operating subsidiaries, The Depository Trust Company, Fixed Income Clearing Corporation and National Securities Clearing Corporation, in 2006. Under his leadership, DTCC closed out over $500 billion in markets participants' exposure across multiple asset classes from the Lehman Brothers, Inc. bankruptcy, the largest close-out in the financial market’s history. Donahue has been at the forefront of the company’s efforts to bring greater transparency into the global OTC derivatives market with the establishment of US-based Warehouse Trust Company LLC and DTCC’s European-based DTCC Derivatives Repository Ltd. He has continued to increase DTCC’s global footprint this past year with the acquisition of U.K.-based reference data provider Avox Limited, and through its equity investment and collaboration with Chilean securities depository, Depósito Central de Valores, S.A.