CHICAGO, Sept 19 (Reuters) - The chief executive of the clearinghouse for all U.S. stock options will retire from the company at the end of the year after one year in the role, the company said on Friday.
Chicago-based OCC, formerly known as the Options Clearing Corp, did not immediately say why CEO Michael Cahill, 56, is retiring or what his plans are. He has worked at the clearinghouse for 32 years and was promoted to CEO from president, chief operating officer and treasurer on Jan. 1.
The clearinghouse came under regulatory scrutiny last year when the U.S. Securities and Exchange Commission criticized regulatory compliance, governance and risk management at the company, according to media reports.
OCC’s board of directors has started the process of searching for a new CEO, according to a statement.
Executive Chairman Craig Donohue, 52, a former chief of exchange-operator CME Group Inc will oversee a transition of Cahill’s responsibilities to other OCC executives during the search, the statement said. Chief Operating Officer Michael McClain, 46, will take on the additional title of president as part of the transition.
OCC processes trades for all 12 U.S. options exchanges and for some futures markets. It has nearly 120 clearing members that include the biggest U.S. broker-dealers, futures commission merchants and non-U.S. securities firms.
CME Group on Monday said it too was reshuffling its senior executives.
Reporting by Tom Polansek; Editing by Tom Brown