OCC Names Craig S. Donohue Executive Chairman Effective January 1, 2014
OCC announces new chairman, Craig S. Donohue.
CHICAGO, Ill, Sept. 18, 2013 (GLOBE NEWSWIRE) -- via PRWEB - OCC announced
today that, effective January 1, 2014, Craig S. Donohue will become its
Executive Chairman, succeeding Wayne P. Luthringshausen, who will retire on
December 31, 2013. Mr. Luthringshausen has served as OCC's Chairman since
OCC recently received regulatory approval for a rule change to separate the
roles of Chairman and Chief Executive Officer, both of which are currently
held by Mr. Luthringshausen. "Separating the Executive Chairman and CEO roles
is proof of OCC's ongoing commitment to adopt best practices for corporate
governance, and it ensures that we have an appropriate balance between our
business interests and our risk control functions," said Gerard McGraw, OCC
Director and Chair of the OCC Performance Committee. OCC previously announced
Michael E. Cahill as CEO, also effective January 1, 2014.
In this new position of Executive Chairman, Mr. Donohue 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 all meetings of the Board of Directors. Mr. Donohue has more than
two decades of experience in global financial markets, having most recently
served as Chief Executive Officer of CME Group from 2003 until May 2012.
During his tenure as CEO of CME Group, Donohue led the successful completion
of more than $20 billion in mergers and acquisitions, including CME's historic
merger with the Chicago Board of Trade (CBOT) in 2007 and the acquisition of
both the New York Mercantile Exchange and the Commodity Exchange Inc. (NYMEX
and COMEX) in 2008.
"I am truly honored and greatly looking forward to the opportunity to serve as
Executive Chairman of OCC--a world class clearing organization dedicated to
providing stability and financial integrity to the marketplace," Mr. Donohue
said. "I look forward to working closely with OCC's Board, CEO Mike Cahill,
his outstanding management team and all of OCC's employees to continue
delivering industry leading services to market participants, and the exchanges
and trading platforms that OCC serves. I am also enthusiastic about the
challenges and opportunities that lie ahead as OCC works collaboratively with
regulators and market participants to ensure that central counterparty
clearing organizations represent the strongest part of our overall financial
Korn/Ferry International's Board Services & CEO Succession 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 18
exchanges and trading platforms for options, financial and commodity futures,
security futures and securities lending transactions. More information about
OCC is available at http://www.theocc.com.
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