OCC has announced the appointment of its new Board Officers and Board committee chairs for 2014. This includes:
- ? ? ? ? ?Felix Davidson, President, TD Ameritrade Clearing, Inc., appointed Member Vice Chair and Chair of OCC?s Performance Committee
- ? ? ? ? ?Craig Donohue reappointed OCC Executive Chairman
- ? ? ? ? ?Michael Cahill reappointed OCC President and Chief Executive Officer
- ? ? ? ? ?Richard Lindsey reappointed as Chair of OCC?s Risk Committee
- ? ? ? ? ?Pat White reappointed as Chair of OCC?s Audit Committee
- ? ? ? ? ?Matthew Gelber appointed as Chair of OCC?s Governance Committee
In addition, OCC?s Nominating Committee nominated the following candidates for election to the Board of Directors for the term ending in 2017, with an election to be held at OCC?s Annual Meeting of Stockholders on April 22, 2014:
- Mark Dehnert, Goldman Sachs Execution & Clearing, L.P.
- Craig Messinger,?The Bank of New York Mellon
- John Ruth,?ABN AMRO Clearing Chicago LLC
?OCC?s Board also approved the recommendations of OCC?s Nominating Committee to appoint these individuals to fill board vacancies with each appointment effective as of OCC?s Annual Meeting of Stockholders:
- ?Christine Show, Newedge USA, LLC, for the term ending in 2015
- Judith Kula, Wolverine Execution Services, LLC, for the term ending in 2016
?Additionally, NYSE appointed the following individuals as their representatives on the OCC Board:
- ? Thomas Farley, Chief Operating Officer, NYSE
- ? ?David Goone, Senior Vice President and Chief Strategic Officer, Intercontinental Exchange Group
Governance Enhancements
OCC?s Board of Directors has also approved the combination of the previously separate Governance and Nominating Committees into a single new standing committee of the Board.? This will be chaired by a public director and be comprised of two additional public directors, as well as one member director and one exchange director.
OCC?s Board of Directors also approved the expansion for the number of public directors, from 3 to 5, bringing the total number of OCC Directors to 21. These governance enhancements will be implemented upon receipt of regulatory approval.
Craig Donohue, OCC Executive Chairman, said of the changes, ?OCC?s Board of Directors is committed to maintaining and enhancing strong governance practices at OCC. The creation of our combined Governance and Nominating Committee, and the addition of two new public directors, will enhance our ability to ensure that we have the right composition of diversity, skills and expertise on our Board and Board committees.? I look forward to working with our new and existing directors as we further advance our mission?to provide market participants with innovative risk management solutions and industry leading efficiencies in the clearing and settlement of options, futures and other financial transactions.?