DTCC board of directors appoints Frank La Salla President & Chief Executive Officer
The Depository Trust & Clearing Corporation (DTCC) announced that its Board of Directors has appointed Francis (Frank) La Salla, currently Chief Executive Officer of BNY Mellon’s Issuer Services business and a member of the BNY Mellon Executive Committee, as President and Chief Executive Officer (CEO) of the company, effective August 12. La Salla’s appointment as CEO reflects the Board’s long-term succession planning and rigorous search process with the scheduled retirement of Michael C. Bodson, who has served as DTCC’s CEO since July 2012.
La Salla will also serve as President and CEO of DTCC’s principal operating subsidiaries, The Depository Trust Company (DTC), Fixed Income Clearing Corporation (FICC) and National Securities Clearing Corporation (NSCC), and a member of DTCC’s Board of Directors. Additionally, he becomes a member of DTCC’s Management Committee. La Salla joins DTCC on June 13, 2022 as CEO-elect, and between June and August, La Salla and Bodson will work together to ensure a seamless and orderly transition of responsibilities.
La Salla joins DTCC following a 28-year career at BNY Mellon, where he held several senior-level positions, including most recently as Chief Executive Officer of its Issuer Services business and a member of BNY Mellon’s Executive Committee, the senior-most leadership committee at the firm. Prior to that, La Salla was CEO of Corporate Trust, which included responsibility for Depositary Receipts. He previously served as CEO of BNY Mellon’s Alternative Investment Services and Structured Products business, and before that he was a member of the Executive Committee of Pershing LLC, a BNY Mellon company, where he was co-head of Global Client Relationships and head of Trading Services. Earlier in his career, La Salla was president and chief operating officer of BNY Clearing Services LLC.
Prior to joining BNY Mellon, La Salla was CEO of BHF Securities Corporation, the U.S. broker-dealer subsidiary of Germany’s BHF Bank AG, and COO of Société Generale Securities, responsible for developing the French financial institution’s U.S. brokerage business.
“We are very pleased to welcome Frank as President and CEO of DTCC,” said Robert Druskin, Non-Executive Chairman of DTCC’s Board. “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 organization’s growth strategy at a time when markets are evolving rapidly. Throughout his career, Frank has distinguished himself as a dynamic leader who brings a global perspective, collaborative approach and entrepreneurial mindset to the complex business challenges facing clients and the industry. 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.”
La Salla said, “It is an honor to be appointed CEO of DTCC and have the opportunity to lead an organization that makes a positive difference every day by safeguarding the global financial system, protecting the capital markets and supporting the investing public. Mike Bodson has been an outstanding steward for the industry over the last ten years, delivering client value, driving innovation and galvanizing the industry to advance critical initiatives. I look forward to working with Mike and his leadership team to ensure a smooth transition. I am also excited to work alongside incredibly talented and experienced DTCC colleagues as we identify new ways to broaden and enhance our level of support for clients, regulators and other stakeholders.”
Druskin thanked Bodson for his leadership over the past decade, citing his role in navigating DTCC through several major crises, including the Knight Capital market event, Superstorm Sandy and the COVID-19 pandemic, extending its reach and impact across the industry and transforming the organization to position it for continued growth and success in the future.
“On behalf of the Board, I want to offer Mike our deepest appreciation for his commitment, dedication and leadership as CEO,” Druskin said. “Over the past 10 years, Mike has transformed DTCC into a client-driven firm that stands at the forefront of innovation and is recognized as a respected and influential voice on a wide range of key industry topics. He has strengthened virtually every part of the organization during his tenure and has positioned DTCC to remain a global leader during a period of unprecedented change.”
La Salla holds numerous industry registrations and is an active member of the Financial Industry Regulatory Authority’s Board of Arbitrators, also represents BNY Mellon on the boards of Euroclear plc., and Euroclear SA/NV. He earned a Bachelor of Science degree in Economics from The City University of New York and a Master of Business Administration in Finance from Wagner College. He also holds a Master of Arts in Theology from Fordham University.