OCC Appoints New COO

OCC has promoted Michael McClain to chief operating officer.

In this new role, McClain will be responsible for Business Operations and Technology. McClain joined OCC in 2001.

The appointment marks the completion of the OCC’s executive leadership transition plan, which sees Craig Donohue assuming the role of executive chairman, and Michael Cahill becoming president and CEO.

Cahill says: “Today’s promotion of Michael McClain to Chief Operating Officer recognizes his many years of achievement and success in leading our Business Operations Group and other critical company-wide initiatives,” said Cahill. “In his expanded role, Mike will continue to be an integral part of our senior leadership team as we expand OCC’s role in our rapidly evolving financial markets.”

In his role as executive chairman, Donohue will preside over OCC Board meetings and will be responsible for OCC’s control functions (Enterprise Risk Management, Internal Audit and Corporate Compliance) and external affairs (Government Relations and Corporate Communications/Options Industry Council).

As president and CEO, Cahill will provide oversight for day-to-day business operations, overseeing Technology, Risk Management, Business Operations, Finance and Legal Affairs.