OCC's CEO Cahill to Retire at End of 2014

OCC’s CEO Michael Cahill plans to retire from the firm at the end of this year, and OCC’s board of directors has created a subcommittee to search for a new CEO.

Cahill has been with OCC for 32 years. Going forward, the organization has implemented a transition plan, whereas Executive Chairman Craig Donohue will oversee the transition of Cahill’s responsibilities to other OCC executives.

As part of the transition plan, Michael McClain will be promoted from chief operating officer to president and chief operating officer, reporting to Donohue. In addition to his current responsibilities, McClain will oversee the departments of financial risk management, human resources and finance. In addition, OCC’s legal department will report to Donohue, while 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,” says Donohue. “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.”