Cision PR Newswire
R&T Deposit Solutions Announces Leadership Transition: Susan Cosgrove Appointed CEO and Board Chair
NEW YORK, Jan. 9, 2025 /PRNewswire/ -- R&T Deposit Solutions ("R&T" or the "Company"), a leading financial services provider, today announced that Susan Cosgrove has been appointed Chief Executive Officer and Chair of the Company, effective January 16. Susan will succeed Joe Jerkovich, who announced his retirement as CEO earlier this month and will stay on as a Strategic Advisor to the CEO.
Cosgrove, currently the Executive Chairperson of R&T, has played a pivotal role in shaping the strategic direction of the organization over the past fourteen months. Her leadership has been marked by significant organizational transformation and strategic investment within the company. Cosgrove's contributions to transforming the company include enhancing operational resiliency, investing in digital capabilities and services, and putting in place an executive leadership team with deep expertise and complementary skills.
Cosgrove is an exceptionally well-respected leader in financial services with expertise in financial and business management, strategic modernization and optimization and liquidity risk management. She spent more than 20 years at The Depository Trust & Clearing Corporation (DTCC), serving as President, Clearing & Securities Services, immediately prior to joining R&T. Cosgrove also served as the global CFO and a member of DTCC's Executive Committee, Management Risk Committee, and Investment Management Committee.
"Succeeding Joe Jerkovich is a profound honor," said Cosgrove. "As we continue to navigate the evolving market landscape, my focus will be on reinforcing R&T's commitment to responsible innovation and operational excellence, ensuring we remain at the forefront of the industry, and deliver mission critical, high value services for our clients and their end customers."
Jerkovich said, "Susan's appointment as CEO is a testament to her exceptional leadership qualities and her deep understanding of the financial services industry. I am confident that under her direction, R&T will reach new heights."
Collin Roche, Co-CEO at GTCR and Manager on the Board of R&T Deposit Solutions, commented, "R&T is well-positioned to deliver best-in-class solutions as the banking industry looks to provide customers with the highest levels of safety and convenience. Susan, with whom GTCR has a longstanding relationship, has the ideal experience and expertise to lead R&T during this next stage of its growth trajectory. We are enthused about what lies ahead for R&T as Susan and the leadership team refine and execute the Company's strategic growth plan."
Takashi Moriuchi, Co-Founder of Estancia Capital and Manager on the Board of R&T Deposit Solutions, commented, "Susan has made a substantial positive impact on R&T since joining, building on the excellent work done by Joe and the entire team. Her approach fosters a culture of continuous improvement and operational excellence that is crucial for our future success, and we see a very bright future ahead for R&T under her leadership."
About R&T Deposit Solutions
Celebrating 50 years in the industry, R&T Deposit Solutions provides cash management and deposit placement programs to the financial services industry. Through its tech-enabled services, R&T helps banks, credit unions, broker-dealers, trust companies and wealth managers meet their unique cash sweep and deposit funding needs. As a recognized leader in the administration of deposit networks, the Demand Deposit Marketplace® (DDM®) program administered by R&T, provides banks and other depository institutions access to billions of dollars in reciprocal deposits and the ability to support their customers' deposit insurance needs. R&T is a portfolio company with the majority interests owned by private equity firms, GTCR and Estancia Capital Partners. For more information about R&T, please visit our website at https://www.rnt.com. Click here for R&T's list of receiving institutions. R&T is not an FDIC-insured institution. FDIC insurance only covers the failure of an FDIC-insured institution. Certain conditions must be satisfied for FDIC pass-through deposit insurance coverage to apply.
Media Contact
Prosek Partners on behalf of R&T Deposit Solutions
pro-R&T@prosek.com
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SOURCE R&T Deposit Solutions
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