OCC, the world's largest equity derivatives clearing organization, today announced changes to its leadership structure. John Davidson, currently President and Chief Operating Officer, has been promoted to Chief Executive Officer. Scot Warren, currently Executive Vice President and Chief Administrative Officer, has been promoted to Executive Vice President and Chief Operating Officer. Craig Donohue, currently Executive Chairman and Chief Executive Officer, will remain at OCC as Executive Chairman. These changes will become effective upon receipt of regulatory approval of by-law and rule changes necessary to effectuate this structure.
"In 2016 at the request of the Board of Directors, I took on the combined role of Executive Chairman and Chief Executive Officer to drive toward accomplishing our goals and to assemble an accomplished leadership team capable of ensuring that OCC remains the preeminent global derivatives clearing house well into the future," said Donohue. "Given our strong track record of progress since then, the critical role that John Davidson and Scot Warren have played in helping us achieve these results, and the importance of leveraging their skills and experience as we undertake our ambitious new Renaissance initiative to replace our core clearing, settlement and risk management systems, the Board of Directors has unanimously accepted my recommendation to promote John to Chief Executive Officer and Scot to Executive Vice President and Chief Operating Officer. John and Scot are skilled executives, uniquely capable of leading OCC into its next chapter."
"I am very excited to be given the opportunity to serve as CEO of OCC at this critical time in its history, and I truly appreciate the confidence our Board of Directors has expressed in my skills and leadership capabilities," said Davidson. "I am proud of the progress and momentum we have created at OCC, and I look forward to serving our clearing members, exchanges, market participants and the investing public as we continue our transformation to a best-in-class provider. Craig, Scot and I will continue to work closely together as we, and our talented colleagues at OCC, further strengthen financial and operational resiliency and meet the regulatory expectations of a SIFMU. A key element of that work is the replacement of our twenty-year-old technology platform with modern, cloud-enabled, nimble components that will effectively serve OCC's risk management, core processing and data management needs well into the future."
Warren added, "I look forward to continuing to work with Craig and John to strengthen OCC and ensure its secure foundation for the future. Replacing our core clearing and risk management systems is fundamental to OCC's vital role as a SIFMU, and I am eager to lead this initiative with John."
As CEO, Davidson will report to the OCC Board of Directors, and will have oversight responsibilities for OCC's information technology, financial risk management, corporate risk management, legal and compliance functions. He joined OCC in 2017 as President and Chief Operating Officer, where he was responsible for OCC's technology and operations functions. Davidson came to OCC from Citigroup, where he served in several key leadership roles, including Global Compliance Officer. He also held senior leadership roles at Morgan Stanley and CME Clearing.
As COO, Warren will report to Davidson. He will have oversight responsibilities for OCC's operations, project management, business process optimization functions, finance, business development, and human resources. Warren joined OCC in 2015 as Executive Vice President of Business and Product Development, where he was responsible for OCC's business and new products development as well as strategic and corporate planning. Prior to joining OCC, he held senior leadership roles at CME Group and Goldman Sachs.
Donohue, who joined OCC in 2014 as Executive Chairman after serving as CEO of CME Group from 2004 to 2012, will continue to facilitate Board leadership and management oversight on behalf of the Board of Directors, while focusing on strategic issues and OCC's industry leadership role, including OCC's engagement with policymakers in Washington, DC. Donohue will have oversight responsibilities for OCC's government relations, communications, Options Industry Council and internal audit functions.