CHICAGO, IL--(Marketwired - Jul 29, 2013) - OCC announced today that Chairman and Chief Executive Officer Wayne P. Luthringshausen will retire effective December 31, 2013. Pending regulatory approval, OCC will separate the roles of Chairman and CEO upon Mr. Luthringshausen's retirement. After an extensive national search OCC's Board of Directors has named Michael E. Cahill as CEO effective January 1, 2014. The Board's process for filling the new Executive Chairman position is ongoing.
As CEO, Mr. Cahill will report to the Executive Chairman and be responsible for all operating departments of OCC's business with a focus on the effectiveness of day-to-day operations and strategic initiatives. The Executive Chairman will be responsible for the control functions of OCC, including enterprise risk management, internal audit and compliance, as well as for external affairs, and for presiding at meetings of the Board. Mr. Cahill is OCC President, Chief Operating Officer and Treasurer. Mr. Cahill joined OCC in 1982 as a Risk Analyst, and was elected President and COO in 2002, having previously served as Treasurer and Chief Financial Officer. More information about Mr. Cahill can be found here: http://www.theocc.com/about/corporate-informa...cahill.jsp
"I am very pleased the Board has chosen Mike Cahill to fill the role of CEO," Mr. Luthringshausen said. "Mike's long tenure with OCC and his effective leadership, coupled with the fact his career here has spanned the entire breadth of OCC activities, makes him the perfect CEO for the new regulatory and business environment ahead. He has a deep understanding of the options and securities clearing businesses and the varying needs of the constituencies we serve."
Mr. Luthringshausen was part of the team that created the exchange-listed options industry in the U.S. In April, 1973, with the commencement of trading at the Chicago Board Options Exchange, Mr. Luthringshausen was appointed Executive Vice President and Secretary of the Chicago Board Options Exchange Clearing Corporation (CBOECC) and in August, 1973, was appointed President and CEO. In January, 1975, the CBOECC became The Options Clearing Corporation, and in 1977 Mr. Luthringshausen became OCC's Chairman as well as CEO. http://www.theocc.com/about/corporate-informa...hrings.jsp
Korn/Ferry International's Board & CEO Services practice led this project on behalf of OCC.
About OCC OCC is the world's largest equity derivatives clearing organization. Founded in 1973, OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) as a Registered Clearing Agency and the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. OCC now provides central counterparty (CCP) clearing and settlement services to 17 exchanges and trading platforms for options, financial and commodity futures, security futures and securities lending transactions. More information about OCC is available at www.theocc.com .
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