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CHAPTER TEN | A BRIGHT FUTURE
Bell said of DTCC’s proactive approach in promoting a workplace culture that makes everyone feel at home:
It’s very important for us to be able to tell the DTCC story and why someone should come and work here. The culture of the organization is one of respect and excellence. A lot of companies say: “Bring your whole self to work.” But we really mean it at DTCC.
New Leadership for a New Era
When Frank La Salla took office as president, CEO and director of DTCC in August 2022 following the planned retirement of Mike Bodson, the firm was in a strong position financially and operationally. It had a decades-long reputation for trust, integrity and consistency among clients, regulators and market participants. In addition, the industry valued its role in providing stability to the financial system and bringing to market innovative solutions to solve operational pain points. However, the firm had also arrived at an inflection point. The pace of change was accelerating due to dramatic shifts in the macroeconomic and regulatory environments, as well as technological advancement. La Salla devoted his initial months as CEO to conducting a self-described “listening tour” across the company’s offices globally and also met with clients and a broad range of industry stakeholders. The feedback he received reflected his own assessment of the company: DTCC had a unique opportunity to play a broader role in the industry and lead on large-scale, transformational initiatives to strengthen the financial system, but it would also need to evolve to achieve that goal. “Incumbents can lose if they don’t change,” La Salla said. “DTCC is a strong and vibrant organization that
FRANK LA SALLA: DTCC PRESIDENT, CEO AND DIRECTOR 2022–
Frank La Salla joined DTCC as CEO-elect in June 2022 before assuming the role of president, CEO and director in August with Michael Bodson’s planned retirement. La Salla is a member of the board of directors and serves as president and CEO of The Depository Trust Company, National Securities Clearing Corporation and Fixed Income Clearing Corporation. With more than 30 years’ experience in the financial services industry, La Salla brings a deep background on
key issues facing the global financial services industry. Before joining DTCC, he spent 28 years at BNY Mellon, where he most recently had been CEO of BNY Mellon’s Issuer Services business and a member of the firm’s Executive Committee. Prior to that, he was CEO of Corporate Trust, where he was responsible for depositary receipts, served on the Executive Committee of Pershing LLC, a subsidiary of BNY Mellon, and was president of BNY Clearing Services LLC.
PHOTO BY NEIL VAN NIEKERK.
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