OCC Completes Executive Leadership Transition Plan, Expands Management Team
Craig Donohue Appointed Executive Chairman
Michael Cahill Promoted to President and Chief Executive Officer
Michael McClain Promoted to Chief Operating Officer
CHICAGO (January 6, 2014) - OCC announced today it has completed its executive leadership transition plan. Effective immediately, Craig S. Donohue assumes the role of Executive Chairman, with Michael E. Cahill becoming President and Chief Executive Officer. In his role as Executive Chairman, Mr. Donohue will preside over OCC Board meetings and will be responsible for OCC's control functions (Enterprise Risk Management, Internal Audit and Corporate Compliance) and external affairs (Government Relations and Corporate Communications/Options Industry Council). As President and CEO, Mr. Cahill will provide oversight for day-to-day business operations, overseeing Technology, Risk Management, Business Operations, Finance and Legal Affairs.
"I am truly honored to be joining OCC as Executive Chairman at such an exciting time in our industry," said Mr. Donohue. "While we continue to meet the challenges of processing record trading volumes in OCC cleared products, we are also committed to establishing OCC as the financial industry's leading SIFMU by adhering to the highest standards in everything we do. I am also privileged to work with Michael Cahill, a 31-year veteran of OCC and one of the most respected leaders in our industry. Together, Mike and I are committed to acting with unity as we lead OCC forward toward new challenges and opportunities."
As part of its executive transition plan, OCC has also promoted Michael McClain to Chief Operating Officer. In this new role, Mr. McClain will be responsible for Business Operations and Technology. Mr. McClain joined OCC in 2001.
"Today's promotion of Michael McClain to Chief Operating Officer recognizes his many years of achievement and success in leading our Business Operations Group and other critical company-wide initiatives," said Mr. Cahill. "In his expanded role, Mike will continue to be an integral part of our senior leadership team as we expand OCC's role in our rapidly evolving financial markets."
OCC is the world's largest equity derivatives clearing organization. Founded in 1973, OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) as a Registered Clearing Agency and the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. OCC now provides central counterparty (CCP) clearing and settlement services to 18 exchanges and trading platforms for options, financial and commodity futures, security futures and securities lending transactions. More information about OCC is available at www.theocc.com.