The Depository Trust & Clearing Corporation (DTCC) announced today that DTCC's Board of Directors has elected Michael C. Bodson to the post of chief operating officer (COO), effective immediately. Bodson will also become president and chief operating officer of DTCC's U.S. regulated subsidiaries, The Depository Trust Company (DTC), National Securities Clearing Corporation (NSCC) and the Fixed Income Clearing Corporation (FICC).
Bodson will report to Donald F. Donahue, DTCC's chairman and chief executive officer, and will become a member of DTCC's Board of Directors at its October meeting. Bodson is taking on the COO title from William B. Aimetti, who will be retiring in 2011. However, Aimetti will retain his current title as president of DTCC and will continue to serve on DTCC's board until his retirement.
As chief operating officer, Bodson will have enterprise-wide responsibility for all Information Technology and Operations at DTCC. In addition, he oversees two major businesses: DTCC's Trade Information Warehouse for over-the-counter (OTC) derivatives and EuroCCP, DTCC's European clearing and settlement organization. Bodson will continue serving as chairman for both EuroCCP and MarkitSERV, a global joint venture for OTC derivatives that DTCC is involved with in partnership with Markit.
"Since joining DTCC, Mike has been heavily involved in helping to transform DTCC into a global organization with extensive new global capabilities and services," said Donahue. "He has broad and diverse leadership experience in financial services over a 25+ year career, including initiating and growing business in overseas markets. This experience, coupled with his strategic understanding of the issues facing our industry, make him exceptionally qualified to help lead DTCC as we take on the many post-crisis risk management challenges in the future."
The appointment of Bodson as COO is part of a planned succession of DTCC's leadership that has been under way for the past several years.
Bodson joined DTCC in 2007 as executive managing director for Business Management and Strategy, where he was responsible for consolidating the product management of all DTCC business lines, strategic planning, relationship management and marketing under one umbrella.
Prior to joining DTCC, Bodson held a number of senior management positions with Morgan Stanley over a 20-year period. In his last position at Morga at Morgan Stanley, he was global head of the Institutional, Retail and Asset Management Operations Department. He also had responsibility for operational risk, business continuity planning and information security.
Before that, he served as divisional operations officer for the Institutional Securities Group and head of the Enterprise Information Group. In the mid-1990s, he served as head of Finance, Administration and Operations for Morgan Stanley Japan in Tokyo and prior to that, he held similar responsibilities for Morgan Stanley Asia in Hong Kong.
Before joining Morgan Stanley in 1986, Bodson worked at Bear Stearns and Price Waterhouse. He has dual degrees from Boston College, graduating summa cum laude, with majors in Accounting and English. He is also a certified public accountant.