OCC Announces Leadership Changes
CHICAGO, IL -- (Marketwired) -- 07/29/13 -- OCC announced today that
Chairman and Chief Executive Officer Wayne P. Luthringshausen will
retire effective December 31, 2013. Pending regulatory approval, OCC
will separate the roles of Chairman and CEO upon Mr.
Luthringshausen's retirement. After an extensive national search
OCC's Board of Directors has named Michael E. Cahill as CEO effective
January 1, 2014. The Board's process for filling the new Executive
Chairman position is ongoing.
As CEO, Mr. Cahill will report to the Executive Chairman and be
responsible for all operating departments of OCC's business with a
focus on the effectiveness of day-to-day operations and strategic
initiatives. The Executive Chairman will be responsible for the
control functions of OCC, including enterprise risk management,
internal audit and compliance, as well as for external affairs, and
for presiding at meetings of the Board. Mr. Cahill is OCC President,
Chief Operating Officer and Treasurer. Mr. Cahill joined OCC in 1982
as a Risk Analyst, and was elected President and COO in 2002, having
previously served as Treasurer and Chief Financial Officer. More
information about Mr. Cahill can be found here:
"I am very pleased the Board has chosen Mike Cahill to fill the role
of CEO," Mr. Luthringshausen said. "Mike's long tenure with OCC and
his effective leadership, coupled with the fact his career here has
spanned the entire breadth of OCC activities, makes him the perfect
CEO for the new regulatory and business environment ahead. He has a
deep understanding of the options and securities clearing businesses
and the varying needs of the constituencies we serve."
Mr. Luthringshausen was part of the team that created the
exchange-listed options industry in the U.S. In April, 1973, with the
commencement of trading at the Chicago Board Options Exchange, Mr.
Luthringshausen was appointed Executive Vice President and Secretary
of the Chicago Board Options Exchange Clearing Corporation (CBOECC)
and in August, 1973, was appointed President and CEO. In January,
1975, the CBOECC became The Options Clearing Corporation, and in 1977
Mr. Luthringshausen became OCC's Chairman as well as CEO.
Korn/Ferry International's Board & CEO Services practice led this
project on behalf of OCC.
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 17 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.
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