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A-Team Insight Blogs

DTCC Appoints Ex-E*Trade and Citigroup Exec Druskin as its New Chairman

In the latest of its recent bout of hiring, the Depository Trust & Clearing Corporation (DTCC) has hired ex-E*Trade Financial Corporation chairman and ex-Citigroup ops and technology head Robert Druskin as its new chairman of the board. Druskin’s appointment is likely part of the firm’s bid to position itself as a neutral body in the race to land itself the role of the utility provider to the US Office of Financial Research (OFR) and as a data repository in other corners of the market.

The appointment also represents a splitting of the role of chairman from that of CEO, which DTCC promised to carry out back in December. Don Donahue, who continues as CEO and will continue to oversee the company’s domestic and international businesses, operations, technology and other functions, previously held both positions. Art Certosimo, presiding director of DTCC’s board of directors, explains the logic behind the move: “This approach follows the global standard for corporate governance, and aims to ensure optimal checks and balances between the businesses and risk control functions.”

However, Donahue will now report to Druskin. Certosimo contends that Druskin’s experience in corporate governance, risk oversight, investment banking and operations will provide a complement to Donahue’s leadership.

Druskin was appointed chairman of the board of the online brokerage and banking firm E*Trade in December 2009, and became lead director in May 2009. He acted as interim CEO from 31 December 2009 until the end of March last year and was responsible for E*Trade’s overall operations.

Prior to that, he spent nearly 16 years at Citigroup and its predecessor companies in a number of senior executive positions across the organisation. He was COO and member of the office of the chairman from 2006 to 2007, responsible along with the CEO 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 COO, then as CEO.

During his time as Citigroup’s chief operations and technology officer, he oversaw the company’s operations and technology organisation globally, as well as its real estate, shared services and business continuity initiatives.

Druskin was with Smith Barney 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 CFO of Shearson Lehman Brothers.

Currently, 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 the Securities Industry and Financial Markets Association), Affiliated Computer Services, New York University Downtown Hospital and Rutgers University.

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