OCC announced today that CEO Michael Cahill plans to retire from OCC at year-end after 32 years with the company. OCC's Board of Directors has created a Board subcommittee to undertake a search for a new Chief Executive Officer.
Under the Transition Plan approved by the Board of Directors, Executive Chairman Craig Donohue will oversee the orderly transition of Mike Cahill's responsibilities to other OCC executives. OCC also announced that, as a part of the Transition Plan, Michael McClain will be promoted from Chief Operating Officer to President & Chief Operating Officer, reporting to Donohue. In addition to his current responsibilities, McClain will oversee Financial Risk Management, Human Resources and Finance. OCC's Legal Department will report to Donohue. OCC today also announced that John Fennell will be promoted from Senior Vice President, Financial Risk to Executive Vice President, Financial Risk.
"Mike Cahill has made an indelible mark on OCC during his 32 years at OCC," said Craig S. Donohue, OCC Executive Chairman. "Under his leadership, OCC has become recognized as one of the world's most efficient and innovative clearinghouses. Under Mike's stewardship, annual cleared option volumes at OCC grew from 780 million to over 4 billion while Mike helped facilitate OCC's expansion into futures, OTC and securities lending clearing services. While we will greatly miss Mike, we are fortunate to have a strong leadership team in place and we congratulate Michael McClain and John Fennell on their well-deserved promotions."
"It has been a great honor 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. I will truly miss the people I have worked with at OCC," said CEO Mike Cahill. "OCC is in great hands going forward. We have a very talented and capable team in place to continue to build OCC and serve the options industry."
"I am honored and excited about the opportunities and challenges that lie ahead as I assume the role of President & Chief Operating Officer," said Michael McClain. "My immediate priorities will be to work closely with Executive Chairman Craig Donohue to further strengthen our leadership team, while working to ensure that OCC achieves the highest standards possible as a systemically important financial market utility."