User acknowledges that it has reviewed the User Agreement and the Privacy Policy governing this site, and that continued use constitutes acceptance of the terms and conditions stated therein.

OCC Appoints Two New Members to Board of Directors

Three Current Directors Re-elected

CHICAGO, April 5, 2016 – In its role as the foundation for secure markets, OCC, the world's largest equity derivatives clearing organization, today announced that Susan E. Lester, a long-time banking executive, has joined the board of directors as a Public Director, replacing Matthew B. Gelber of Bitterroot Asset Management, LLC, and William T. Yates of TD Ameritrade has joined the board as a Member Director, replacing Judith M. Kula of Wolverine Execution Services, LLC. Lester and Yates were elected to three-year terms.

Additionally, Raymond J. Di Sanza of Charles Schwab and Co., Inc., and Jonathan B. Werts of Bank of America Merrill Lynch, were re-elected as Member Directors, with Mr. Werts continuing to serve as Member Vice Chair. Robert R. Litterman with Kepos Capital LP was re-elected as a Public Director.

Susan E. Lester
With nearly 30 years of banking and mortgage banking experience in the financial services sector, Lester currently advises Pac West Bancorp (PACW) and Arctic Cat Inc. (ACAT) as a member of their respective boards of directors and chair of their audit committees. From 2001 to 2002 she served as Executive Vice President and Chief Financial Officer for Homeside Lending, Inc.; a $35 billion production mortgage banking operation and subsidiary of National Australia Bank. Prior to that Lester was Executive Vice President and Chief Financial Officer of U.S. Bancorp/First Bank System where she was responsible for management of financial and administrative functions for an $80 billion financial services firm. She has a B.S. from the University of Dayton and an M.B.A. from the University of Chicago.

William T. Yates Yates currently is Managing Director of Finance for TD Ameritrade, where he is responsible for providing regulatory financial support for the firm's back office securities clearance and settlement functions, and providing broker/dealer balance sheet management and oversight, including operational liquidity considerations. Yates plays a central role in the firm's work and relationships with various securities and futures regulators, and he has been an active participant in TD Ameritrade's online brokerage industry consolidation activities. Prior to joining TD Ameritrade in 1996, Yates spent nine years with the public accounting firm Arthur Andersen LLP. He has served in various capacities in the securities industry, including roles with the FINRA Financial Responsibility Committee, and more recently, FINRA's Midwest District Committee. Yates has a B.S. from the University of Nebraska.

"The addition of Susan Lester and Bill Yates to the OCC board of directors further strengthens our ability to ensure confidence in the financial markets and the broader economy as a systemically important financial market utility," said Craig Donohue, Executive Chairman of OCC. "Their insights, along with those of Ray Di Sanza, Jon Werts, Bob Litterman and our other board members, support OCC's mission to provide exceptional risk management and innovative solutions to reduce systemic risk while operating as a low-cost utility."

Donohue added, "I also want to thank Judith Kula and Matt Gelber for their invaluable contributions and thought leadership that they provided to OCC as board members. They have helped OCC enhance its resilience and foster growth and innovation. On behalf of our fellow board members, I thank them for their commitment and service to OCC."

About OCC

OCC is the world's largest equity derivatives clearing organization. Founded in 1973, OCC operates under the jurisdiction of both the U.S. Securities and Exchange Commission (SEC) as a Registered Clearing Agency, and the U.S. Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. OCC now provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms for options, financial futures, security futures, and securities lending transactions. More information about OCC is available at