The Depository Trust & Clearing Corporation (DTCC) announced today that five new members were elected to its Board of Directors, including for the first time three non-participant directors who are not affiliated with firms that use DTCC services.
The individuals elected include Christopher Concannon, partner and executive vice president of Virtu Financial LLC; Lori Hricik, former CEO and head of JPMorgan Treasury Services; John C. Parker, executive vice president of Wells Fargo Advisors and president of its Business Services Group; Derek A. Ross, former partner at Deloitte U.K.; and Gary H. Stern, former president and CEO of the Federal Reserve Bank of Minneapolis.
Concannon and Parker are the new participant directors. They join 11 other representatives of DTCC's shareholder participants on DTCC's Board, which also includes two DTCC management members and two representatives of DTCC's preferred shareholders, NYSE Euronext and the Financial Industry Regulatory Authority (FINRA).
Hricik, Ross and Stern are the new non-participant directors. The category of non-participant director includes individuals with specialized knowledge of financial services, but who bring an independent perspective since they are not affiliated with firms that use DTCC services. The move to add these directors was taken by DTCC's Board to bring added expertise and perspective on a broad range of issues, including systemic risk, and to reflect best practices in corporate governance.
All directors are elected by firms who use the services of DTCC's subsidiaries, except for the two NYSE Euronext and FINRA directors, who sit on DTCC's Board under the terms of their preferred shares. Nominations for board members are solicited in December from DTCC's shareholders, all of whom are firms that use DTCC's services. Shareholders are then invited to vote for nominees, and the newly elected board members join the Board in April for one-year terms.
"We are very pleased to have such an impressive range of talent and expertise joining DTCC's Board at this critical point in time, when the industry is coming out of recession and there is a renewed focus by regulators on systemic risk management and greater transpareisk management and greater transparency," said Donald F. Donahue, chairman and chief executive officer of DTCC. "We're confident that with their broad knowledge and input, DTCC will continue to provide the certainty, safety and leadership our customers are looking for."
New Board Members Bios
Christopher Concannon is a partner and executive vice president of Virtu Financial LLC, a U.S.-based proprietary trading company. He oversees operations, strategy and business development.
Previously, Concannon was executive vice president of Nasdaq OMX Group Inc. from 2003 to 2009, responsible for running all U.S. equity and options markets, including the Nasdaq Stock Market, Nasdaq BX and Nasdaq PHLX. He was also responsible for founding and running the International Derivatives Group, a Commodity Futures Trading Commission-registered clearing house, and Nasdaq OMX Europe, Nasdaq's European multilateral trading facility. During his tenure at Nasdaq OMX, Concannon played a critical role in setting the global strategies of the company; integrating Nasdaq's acquisitions of the OMX Group, the Boston Stock Exchange, the Philadelphia Stock Exchange and INET ECN, and launching a new equities market in Europe and a new options market in the U.S.
Before joining Nasdaq, Concannon was president of Instinet Clearing Services, Inc., where he managed the clearing and execution business offered by Instinet to broker/dealer clients. During his career with Instinet, he also served as special counsel and senior vice president of Business Development. Prior to the merger of Instinet and Island ECN, he was special counsel and vice president of Business Development for Island ECN. He joined Island in 1999 as vice president and associate general counsel.
From 1997 to 1999, Concannon was an associate at Morgan, Lewis & Bockius LLP, and from 1994 to 1997, he was an attorney with the U.S. Securities and Exchange Commission (SEC) in the Division of Trading and Markets, where he specialized in the review and approval of rules of the various exchanges and self-regulatory organizations, the regulation of securities underwriting and the regulation of clearance and settlement.
He received his bachelor's degree from the Catholic University of America, a master's in Business Administration (MBA) from St. John's University and a juris doctorate degree from the Columbus School of Law, the Catholic University of America. He is a member of the New York Bar, New Jersey Bar and District of Columbia Bar.
Lori Hricik is the former chief executive officer and head of JPMorgan Treasury Services. She became a globally recognized leader in delivering technology-driven treasury, cash management, liquidity, trade finance and information solutions to corporations, financial services companies and government entities worldwide. She also served as a member of the firm's Operating Committee, a group of the most senior executives in the bank, before her retirement in early 2008.
Hricik joined Chase in 1976 from the Securities Industry Automation Corporation (SIAC), where she had held a number of increasingly responsible positions in technology, operations, administration and finance. In 1996, she was selected to head the team that managed the successful technology and operations integration of the global payments systems of Chase and Chemical banks. She was subsequently named chief information officer for Chase's Global Services sector.
She formerly served on The Clearing House Payments Company Board and The Clearing House Compensation Committee. She is also a past chairperson of the Federal Reserve Bank's Payments Risk Committee.
Hricik earned a bachelor's degree in Mathematics and Computer Science from Indiana University of Pennsylvania and received an MBA from Columbia University.
John C. Parker is an executive vice president at Wells Fargo Advisors and president of the Business Services Group. In this role, he manages all brokerage operations functions including Client Side Operations, Street Side Operations, Bank Brokerage and Securities Lending. He is also responsible for delivering and managing technology systems and firm-wide program management and productivity services. Parker holds a similarly responsible role with First Clearing, LLC, which provides securities execution and brokerage clearance services to Wells Fargo Advisors and more than 140 retail securities firms throughout the U.S. He is a member of the firm's most senior leadership body, the Wells Fargo Advisors Executive Committee, as well as the Management Committee and other leadership teams.
Before that, Parker served as chief information officer of A.G. Edwards and Sons and president of A.G. Edwards Technology Group, Inc., where he was responsible for establishing and executing the information technology strategy and directing all of the firm's information technology activities. He also provided executive leadership in support of more than 700 branch offices in addition to trust, investment banking and securities research lines of business. He was a member of the firm's Executive Committee and the Board of Directors of A.G. Edwards and Sons, Inc.
Parker joined A.G. Edwards in 2001 after having led technology organizations in the airline industry as a managing director of Delta Airlines and as CIO of Northwest Airlines.
He earned his MBA from George State University and holds Series 7, 24, and 27 licenses.
Derek A. Ross is a former partner at Deloitte U.K. He originally joined Touche Ross (now Deloitte & Touche LLP) in 1971. Most recently, he was the senior partner responsible for advisory services in the London Financial Services Practice, which undertook work in banks, and in treasury and risk management functions in non-financial businesses. Over his career, he either audited or advised not only most of the major financial institutions, but also more than a quarter of the top 100 corporates and many multinational businesses.
Ross acted as advisory partner on many of the firm's major external audit clients to provide specialist technical input and quality assurance on risk management, treasury and derivatives accounting.
After retiring from Deloitte, Ross accepted various non-executive directorships. He is a director of Nationwide Building Society, where he also chairs the Audit Committee. He serves as a member of the Assets and Liabilities Committee and a member of the board Risk Committee. He is a member of the Friends Provident board, a life and pensions company, where he serves on the board's Audit and Risk Committees. He also serves as presiding director and chairman of the Audit Committee for European Central Counterparty Limited (EuroCCP). He previously served as a director of Deloitte and Touche Pension Trustees Limited and chairman of the Council of the Association of Corporate Treasurers.
He earned a bachelor's degree in chemistry and a bachelor of laws degree. His professional qualifications include Fellow of the Institute of Chartered Accountants; Chartered Management Accountant; Fellow of the Institute of Taxation; and Fellow of The Association of Corporate Treasurers.
Gary H. Stern was president and chief executive officer of the Federal Reserve Bank of Minneapolis from March 1985 until September 2009. Stern joined the Minneapolis Fed in January 1982 as senior vice president and director of research.
Before joining the Minneapolis Fed, he was a partner in a New York-based economic consulting firm. His previous experience includes seven years at the Federal Reserve Bank of New York, where his last assignment was as manager of the Domestic Research Department.
Stern currently serves on the Board of Directors of the Financial Industry Regulatory Authority (FINRA), Dolan Media Company and the National Council on Economic Education. He formerly served as chairman of the board of the Northwest Area Foundation and the Minneapolis Club, and was also a member of the Board of Trustees of the Minneapolis College of Art and Design and of Hamline University.
He earned his bachelor's degree in economics from Washington University. He also holds a doctorate of philosophy degree in economics from Rice University.