25 April 2017
New York
Reporter: Stephanie Palmer

New faces on DTCC board of directors


The Depository Trust & Clearing Corporation (DTCC) has appointed four new members to its board of directors.

The new members are Michael Herskovitz of AllianceBernstein, Kathleen Lynch of UBS Americas and Wealth Management Americas, Umesh Subramanian of Goldman Sachs, and Lara Warner of Credit Suisse.

DTCC's board of directors provides direction and oversight for the corporation, on behalf of its global stakeholders, in a bid to help promote safety and stability in the financial markets.

There are currently 20 directors, 13 of which are representatives of clearing agency participants. Three are non-participant directors, and two are designated by Series A and B preferred shareholders. The final two directors are DTCC’s president and CEO, and its non-executive chairman.

According to DTCC, the new board members were selected to improve the depth of expertise on the board.

Herskovitz is director of fixed-income risk operations and technology and co-head of enterprise operational risk at AllianceBernstein, a role he has held since 2006. He has also co-authored two books and several research papers on mortgage-backed securities pricing and analytics.

Lynch is COO for UBS Americas and Wealth Management Americas, responsible for oversight of the front-to-back control systems and maintaining smooth operations. She joined UBS in 2012, from Merrill Lynch, where she held various leadership positions in global research and investment banking.

As global co-head of the Goldman Sachs technology division, Subramanian is also a member of the firm’s committees on risk, finance, model risk control and technology risk. He also serves on the investment banking division technology investment committee, and has previously led the finance engineering team.

Warner is responsible for all global compliance and regulatory issues at Credit Suisse, and is a member of the executive board at both Credit Suisse and the Credit Suisse Group. She was CFO of the firm’s investment banking division between 2010 and 2015, and before this was global head of fixed income and economic research.

Robert Druskin, non-executive chairman of DTCC’s board, and chairman of its executive committee, said: “We are delighted to have four talented and knowledgeable industry leaders join DTCC’s board of directors.”

He added: “We also extend our deep gratitude to our former board members for their tireless service and contributions to DTCC and the broader industry.”

The new board members replace Darryll Hendricks of Global CCS and UBS Investment Bank, PIMCO’s Cynthia Meyn, and Derek Ross, a former partner at Deloitte UK, who have all completed their terms.

Paul Walker of Goldman Sachs has also left the board, choosing not to stand for re-election.

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