Former E*Trade Chairman To Head Up DTCC Board

The Depository Trust & Clearing Corporation’s (DTCC) board of directors today announced that Robert Druskin has been named its chairman.

Druskin most recently served as chairman of E*Trade Financial, where he was responsible for the company’s overall operations. He also formerly worked at Citigroup and its predecessor companies.

‘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,’ says Druskin.

Last year, the global corporation implemented a corporate governance structure to better meet global standards by creating a chairman of the board role that is separate from the chief executive officer position, the company says.

Over the past two years, the board of directors and DTCC’s executive management team has been engaged in considerable discussion that leads to its recently completed governance review process. However, the management team pitched this separation of roles in the early stages of the governance review.

After the recent financial crisis, finance and banking firms have been beefing up its investigation of risk management. Now, DTCC’s decision to form a separate chairman position follows practices set by many companies in Europe. Moreover, the New York- based group claims to have been monitoring global trends on governance, particularly in Europe.