New on board at DTCC

The Depository Trust & Clearing Corporation (DTCC) says that three new members have been elected to its board of directors. The lucky three are Lester Owens, managing director and global head of wholesale banking operations at JPMorgan; Paul Simpson, managing director and global head of equity asset management services at Bank of America Merrill Lynch; and Joseph Weinhoffer, treasurer and chief investment officer of ED&F Man Capital Markets Inc.

The board provides direction and supervision for DTCC in the interests of its diverse stakeholders, while promoting safety and stability across the global financial markets. Currently, the board is composed of 19 directors. Of these, 12 are representatives of clearing agency participants, three are non-participant directors, two are designated by DTCC’s Series A and Series B preferred shareholders, and the remaining two are DTCC’s chairman of the board and its president and chief executive officer. The three new members are all senior executives of clearing agency participants and bring with them significant and diverse skills and experience, says the DTCC.

Added chairman Robert Druskin: “They bring decades of experience across a wide range of areas in financial services to the Board, and their expertise and perspective will be invaluable as we seek new opportunities to deliver greater value to our clients globally.”