A changing of the guard at the Depository Trust and Clearing Corporation (DTCC) sees BNY Mellon veteran Frank La Salla become president and CEO of DTCC from 12 August.
He takes over the controls from Michael Bodson, who has announced his retirement after a distinguished 10 years at the front of the US-based post-trade infrastructure giant.
La Salla will join the company on 13 July, initially holding the position of CEO-elect, and will work with Mike Bodson through to August to facilitate the hand over.
DTCC indicates that Francis (Frank) La Salla’s appointment as CEO by its Board of Directors is in line with the Board’s long term succession planning and comes as the result of an exacting search process, following the scheduled retirement of Bodson, who has been DTCC’s chief executive since July 2012.
In assuming this position, La Salla will also become president and CEO of DTCC's major operating subsidiaries, the Depository Trust Company, the Fixed Income Clearing Corporation and National Securities Clearing Corporation, and he will sit on DTCC's Management Committee.
Prior to joining DTCC, Frank La Salla has served at BNY Mellon for almost three decades, most recently as CEO of Issuer Services since 2017. Previously, he was CEO of Corporate Trust and CEO of BNY Mellon Alternative Investment Services and the Structured Products division.
In his earlier days at BNY Mellon, La Salla was head of trading services and member of the executive committee at Pershing, following its purchase by the New York bank. He was also president and chief operating officer of BNY Clearing Services.
Commenting on the appointment, Robert Druskin, non-executive chairman of DTCC’s board says: “Frank brings extensive global experience across a wide range of front office and functional support roles to DTCC, which will be pivotal to advancing the organisation’s growth strategy at a time when markets are evolving rapidly.
“He shares a deep appreciation for DTCC’s mission of protecting the safety and stability of the global financial system, is committed to further strengthening the firm’s risk management framework and will pursue an innovation agenda to position the company for long-term success.”
DTCC expressed their thanks to Bodson for his service and leadership since 2012. “Over the past 10 years, Mike has transformed DTCC into a client-driven firm that stands at the forefront of innovation and as a recognised and influential voice on a wide range of key industry topics,” says Druskin.
“He has strengthened virtually every part of the organisation during his tenure and has positioned DTCC to remain a global leader during a period of unprecedented change,” Druskin adds.
