The Depository Trust & Clearing Corporation announced on Monday that Michael Bodson will succeed Donald Donahue as chief executive on July 1.

Donahue, who is 61 years old and has led the clearing, processing and settlement company since 2006, will retire at the end of July. Bodson, 54, joined the company in 2007 after a 20-year career at Morgan Stanley. He is currently DTCC's chief operating officer.