Changes for OCC with Cahill retirement
22 September 2014 Chicago
Image: Shutterstock
Michael Cahill, CEO of OCC, will be retiring from the company at the year-end.
Cahill has been with OCC for 32 years and current executive chairman, Craig Donohue, will oversee the transition of Cahill鈥檚 responsibilities to other OCC executives.
The board of directors has created a board subcommittee to undertake a search for a new CEO.
As part of the transition, Michael McClain will be promoted from chief operating officer (COO) to president and COO and will report to Donohue.
OCC will also be promoting John Fennell will be promoted from senior vice president of financial risk to executive vice president of financial risk.
Cahill said: 鈥淚t has been a great honour to work for OCC for 32 years. I am sincerely grateful for the opportunities that I have had over the past 3 decades to work with so many talented people and to participate in the tremendous growth and challenges of the options industry and OCC.鈥�
He added: 鈥淚 will truly miss the people I have worked with at OCC.鈥�
Donohue said: 鈥淯nder [Cahill鈥檚] leadership, OCC has become recognised as one of the world鈥檚 most efficient and innovative clearinghouses 鈥� annual cleared option volumes at OCC grew from 780 million to over 4 billion while [Cahill] helped facilitate OCC鈥檚 expansion into futures, [over-the-counter] and securities lending clearing services.鈥�
鈥淲hile we will greatly miss [Cahill], we are fortunate to have a strong leadership team in place and we congratulate [McClain] and [Fennell] on their well-deserved promotions.鈥�
Cahill has been with OCC for 32 years and current executive chairman, Craig Donohue, will oversee the transition of Cahill鈥檚 responsibilities to other OCC executives.
The board of directors has created a board subcommittee to undertake a search for a new CEO.
As part of the transition, Michael McClain will be promoted from chief operating officer (COO) to president and COO and will report to Donohue.
OCC will also be promoting John Fennell will be promoted from senior vice president of financial risk to executive vice president of financial risk.
Cahill said: 鈥淚t has been a great honour to work for OCC for 32 years. I am sincerely grateful for the opportunities that I have had over the past 3 decades to work with so many talented people and to participate in the tremendous growth and challenges of the options industry and OCC.鈥�
He added: 鈥淚 will truly miss the people I have worked with at OCC.鈥�
Donohue said: 鈥淯nder [Cahill鈥檚] leadership, OCC has become recognised as one of the world鈥檚 most efficient and innovative clearinghouses 鈥� annual cleared option volumes at OCC grew from 780 million to over 4 billion while [Cahill] helped facilitate OCC鈥檚 expansion into futures, [over-the-counter] and securities lending clearing services.鈥�
鈥淲hile we will greatly miss [Cahill], we are fortunate to have a strong leadership team in place and we congratulate [McClain] and [Fennell] on their well-deserved promotions.鈥�
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 麻豆传媒 Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 麻豆传媒 Finance Times
