Richard R. Macek has been named Chairman of the Board of Managers for Omgeo by Omgeo's joint venture parents, The Depository Trust & Clearing Corporation (DTCC) and Thomson Financial.
As Executive Managing Director of The Depository Trust & Clearing Corporation, Mr. Macek oversees the financial and risk management activities of DTCC and its subsidiaries and will now also lead the activities of Omgeo's Board of Managers.
"Rick brings to Omgeo a unique financial expertise and leadership, and we believe he will help continue to expand Omgeo's service offerings worldwide," said Sharon T. Rowlands, President and Chief Operating Officer of Thomson Financial.
"Omgeo has been very successful over the past three years in expanding and building its business base into the leading provider of global trade management services worldwide," said Jill M. Considine, Chairman and CEO of DTCC. "We look forward to Rick continuing that record and improving upon it."
The Omgeo Board of Managers is comprised of a diverse group of 11 securities professionals who play a vital role in the global governance and industry oversight of the organization. Mr. Macek, a senior leader within DTCC, the largest post-trade infrastructure in the world, has more than 30 years of financial, accounting and risk management experience.
Mr. Macek replaces Robert J. McGrail, Executive Managing Director-Domestic and International Core Services of DTCC, who has served as Omgeo's Chairman since its inception in May 2001. Mr. McGrail played a leading role in the formation and launch of Omgeo and guiding it to profitability and a position of leadership in the industry.
Mr. Macek served as Managing Director and Chief Financial Officer of DTCC for five years, beginning in 1999 when the DTCC was established and in April 2003, was named Chief Executive Officer of two DTCC subsidiaries – Fixed Income Clearing Corporation (FICC) and Emerging Markets Clearing Corporation (EMCC). In this dual CEO role, he assumed broader responsibilities while continuing to oversee DTCC's risk management and finance functions, until being named Chairman of Omgeo in 2004.
As Managing Director, Treasurer, and Chief Financial Officer of the DTCC, he oversaw the merging of two DTCC subsidiaries— Government Securities Clearing Corporation (GSCC) and Mortgage-Backed Securities Clearing Corporation (MBSCC)—which began operations in January 2003 as FICC. Before his role with DTCC, Mr. Macek oversaw the financial operations of the National Securities Clearing Corporation (NSCC), a DTCC subsidiary.
Mr. Macek also spent 15 years at Dillon, Read & Co, where he was a Managing Director with responsibility for the firm's finance and accounting operations in New York and London. His time at Dillon, Read & Co followed two years as a director with Morgan Stanley and 10 years with Arthur Young & Co (now part of Ernst & Young).
A certified public accountant, Mr. Macek earned a bachelor's degree in business administration from Manhattan College. He served in the U.S. Army from 1969 to 1971 and was awarded the Bronze Star in Vietnam for meritorious service. Mr. Macek is based in New York at the DTCC offices.
To date, in addition to Mr. Macek, the Omgeo Board of Managers includes the following industry representatives: Bob Gartland, Managing Director, Morgan Stanley; Alexander Lamont II, formerly Director of International Operations and Control for the Equity Trading Department of FMR Co. (now retired); Jacques-Philippe Marson, President & CEO, BNP Paribas Securities Services; Eileen K. Murray, Managing Director, Global Head of Operations & Information Technology, Credit Suisse First Boston; James Toffey, CEO, TradeWeb LLC; Markus H. Ruetimann, Managing Director and Global Head of Technology & Portfolio Services, UBS Global Asset Management; Diane L. Schueneman, First Vice President, Merrill Lynch Investment Managers; and Adam Bryan, President & CEO of Omgeo. In addition, the following individuals participate as Omgeo's owners and members of the industry: Ms. Considine, and Ms. Rowlands.