The Depository Trust & Clearing Corporation said it named former Citigroup operations and technology chief Robert Druskin chairman of its board.
Donald F. Donahue remains chief executive officer. The move is part of an announced plan by the securities industry utility to improve governance by separating the roles of chairman and chief executive.
Druskin most recently was chairman of E-Trade Financial Corporation. He was named chairman and its interim chief executive officer of the online brokerage and banking firm, at the end of 2009.
He is a former chief operating officer of Citigroup.
The separation of chairman and CEO roles “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.
Druskin assumes his position on April 18. Donahue will report to Druskin, but 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.
Druskin spent nearly 16 years at Citigroup and predecessor companies. He spent four years at Citi’s Global Corporate and Investment Banking division, first as president and chief perating officer, then as chief executive officer.
He also served as Citigroup’s chief operations and technology officer, overseeing its operations and technology organization globally, as well as shared services and business continuity initiatives.
DTCC provides clearing, 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.
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