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’s 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: “It 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.”
He added: “I will truly miss the people I have worked with at OCC.”
Donohue said: “Under [Cahill’s] leadership, OCC has become recognised as one of the world’s most efficient and innovative clearinghouses … annual cleared option volumes at OCC grew from 780 million to over 4 billion while [Cahill] helped facilitate OCC’s expansion into futures, [over-the-counter] and securities lending clearing services.”
“While 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.”
