Three more years of Donohue
13 September 2016 Chicago
Image: Shutterstock
The Options Clearing Corporation鈥檚 (OCC) Craig Donohue has agreed to stay on as executive chair and CEO for three additional years after his term expires in December.
The extended term will also see an extensive re-shuffle of OCC鈥檚 senior leadership and the creation of an 鈥榦ffice of the executive chair and CEO鈥�.
Along with Donohue, the new governance structure will include Michael McClain as COO and Scot Warren, formerly executive vice president, business development, in the more senior role of chief administrative officer.
鈥淎s chief administrative officer, Scot Warren will be responsible for driving enterprise alignment and enhanced execution of our corporate objectives, which includes creating a high-performance execution environment and improving the enterprise-wide culture of ownership and accountability,鈥� said Donohue.
鈥淭his is the right leadership structure for OCC鈥檚 needs today, as it allows us to combine the breadth and depth of experience necessary to optimally support the organisation as we move forward,鈥� he added.
OCC is also bringing in fresh faces to a number of other senior roles.
John Fennell, formerly executive vice president of financial risk management, is taking on the role of executive vice president and chief risk officer, following the departure of John Grace.
Fennell will be responsible for implementing OCC鈥檚 risk management strategy and will oversee OCC鈥檚 model validation and enterprise risk management departments, along with security services, business continuity and disaster recovery, and vendor risk management areas.
His previous position will be filled by Dale Michaels who joined OCC in January to work on the company鈥檚 securities lending initiatives.
Additionally, Julie Bauer joined OCC as senior vice president for government relations. She will be responsible for developing and managing OCC鈥檚 legislative, regulatory and educational activities with members of Congress, regulators, and other policy makers, along with representatives of the exchange and financial services sectors.
The extended term will also see an extensive re-shuffle of OCC鈥檚 senior leadership and the creation of an 鈥榦ffice of the executive chair and CEO鈥�.
Along with Donohue, the new governance structure will include Michael McClain as COO and Scot Warren, formerly executive vice president, business development, in the more senior role of chief administrative officer.
鈥淎s chief administrative officer, Scot Warren will be responsible for driving enterprise alignment and enhanced execution of our corporate objectives, which includes creating a high-performance execution environment and improving the enterprise-wide culture of ownership and accountability,鈥� said Donohue.
鈥淭his is the right leadership structure for OCC鈥檚 needs today, as it allows us to combine the breadth and depth of experience necessary to optimally support the organisation as we move forward,鈥� he added.
OCC is also bringing in fresh faces to a number of other senior roles.
John Fennell, formerly executive vice president of financial risk management, is taking on the role of executive vice president and chief risk officer, following the departure of John Grace.
Fennell will be responsible for implementing OCC鈥檚 risk management strategy and will oversee OCC鈥檚 model validation and enterprise risk management departments, along with security services, business continuity and disaster recovery, and vendor risk management areas.
His previous position will be filled by Dale Michaels who joined OCC in January to work on the company鈥檚 securities lending initiatives.
Additionally, Julie Bauer joined OCC as senior vice president for government relations. She will be responsible for developing and managing OCC鈥檚 legislative, regulatory and educational activities with members of Congress, regulators, and other policy makers, along with representatives of the exchange and financial services sectors.
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