Strengthening Our Governance and Management Structure
Even as we continue to enhance our resiliency and modernize our technology, OCC is only as good as its
people. In 2018, we continued to attract to our company capable individuals with the experience and vision
that we seek to make sure OCC is providing the best risk management, clearance and settlement services
in the world.
We have been fortunate to attract a Board of Directors that brings significant expertise in risk management,
technology, operations, compliance, regulatory policy and audit. In 2018, our Board of Directors was
strengthened with the addition of Elizabeth King, who serves as Chief Regulatory Officer of the
Intercontinental Exchange and General Counsel of NYSE Group. In addition, the following directors were
re-elected to the OCC Board of Directors in 2018: Thomas A. Frank, Executive Vice President/CIO,
Interactive Brokers, LLC; Stephen Luparello, General Counsel, Citadel Securities; Christine L. Show,
Managing Director/Global Head of Listed Derivative Operations, SG Americas Securities, LLC; Thomas
Cardello, Chief Executive Officer, Venice Financial Management, LLC; and Alice Patricia White, retired
economist. In early January 2019, Chris Isaacson, Chief Operating Officer of Cboe Global Markets Inc.,
joined the OCC Board of Directors.
We also have assembled an impressive and accomplished senior leadership team that is collaborating with
our colleagues in Chicago, Dallas and Washington, D.C. to drive the important initiatives we are undertaking.
John Davidson and Scot Warren have been at the forefront of leading OCC’s recent successes as we work
to enhance our resiliency and secure our foundation, improve our risk and control environment and complete
our comprehensive compliance plan.
Recognizing the critical roles John and Scot have played to help OCC achieve these results and the
importance of leveraging their skills and experience as we continue to pursue our key business initiatives,
our Board of Directors unanimously accepted my recommendation in December 2018 to promote John
to Chief Executive Officer and Scot to Executive Vice President and Chief Operating Officer. I, along with the
Board of Directors, am very confident in John and Scot’s abilities to continue the progress and momentum
that has been created over the past four years, and I look forward to continuing to work with them as