OCC makes two promotions
14 December 2018 Chicago
Image: Shutterstock
John Davidson, current president and COO of OCC, has been promoted to CEO, while Scot Warren, the current executive vice president and chief administrative officer, has been promoted to COO.
As CEO, Davidson will report to the OCC board of directors and he will have oversight responsibilities for OCC鈥檚 information technology.
He will also have oversight responsibilities for financial risk management, corporate risk management as well as legal and compliance functions.
Davidson joined OCC last year as president and COO where he was responsible for OCC鈥檚 technology and operations functions.
Prior to OCC, he served in several key leadership roles at Citigroup, which included global compliance officer.
He also held senior leadership roles at Morgan Stanley and CME Clearing.
As COO, Warren will report to Davidson. He will have oversight responsibilities for OCC鈥檚 operations, project management, business process optimisation functions, finance, business development, and human resources.
Warren joined OCC in 2015 as executive vice president of business and product development.
In this role, he was responsible for OCC鈥檚 business and new products development as well as strategic and corporate planning.
Before joining OCC, he held senior roles at CME Group and Goldman Sachs.
Meanwhile, Craig Donohue, currently executive chairman and CEO, will remain at OCC as executive chairman.
Donohue, who joined OCC in 2014 as executive chairman after serving as CEO of CME Group from 2004 to 2012, will continue to facilitate board leadership and management oversight on behalf of the board of directors.
As well as this, he will focus on strategic issues and OCC鈥檚 industry leadership role, including OCC鈥檚 engagement with policymakers in Washington, DC.
Additionally, he will have oversight responsibilities for OCC鈥檚 government relations, communications, Options Industry Council and internal audit functions.
According to the OCC, these changes will become effective upon receipt of regulatory approval of by-law and rule changes necessary to effectuate this structure.
Donohue commented: 鈥淚n 2016, at the request of the board of directors, I took on the combined role of executive chairman and CEO to drive toward accomplishing our goals and to assemble an accomplished leadership team capable of ensuring that OCC remains the preeminent global derivatives clearing house well into the future.鈥�
"Given our strong track record of progress since then, the critical role that John Davidson and Scot Warren have played in helping us achieve these results, and the importance of leveraging their skills and experience as we undertake our ambitious new 鈥楻enaissance鈥� initiative to replace our core clearing, settlement and risk management systems, the board of directors has unanimously accepted my recommendation to promote John to CEO and Scot to executive vice president and COO.鈥�
Davidson said: 鈥淚 am proud of the progress and momentum we have created at OCC, and I look forward to serving our clearing members, exchanges, market participants and the investing public as we continue our transformation to a best-in-class provider.鈥�
Warren added: 鈥淚 look forward to continuing to work with Donohue and Davidson to strengthen OCC and ensure its secure foundation for the future. Replacing our core clearing and risk management systems is fundamental to OCC鈥檚 vital role as a systemically important financial market utility, and I am eager to lead this initiative with Davidson.鈥�
As CEO, Davidson will report to the OCC board of directors and he will have oversight responsibilities for OCC鈥檚 information technology.
He will also have oversight responsibilities for financial risk management, corporate risk management as well as legal and compliance functions.
Davidson joined OCC last year as president and COO where he was responsible for OCC鈥檚 technology and operations functions.
Prior to OCC, he served in several key leadership roles at Citigroup, which included global compliance officer.
He also held senior leadership roles at Morgan Stanley and CME Clearing.
As COO, Warren will report to Davidson. He will have oversight responsibilities for OCC鈥檚 operations, project management, business process optimisation functions, finance, business development, and human resources.
Warren joined OCC in 2015 as executive vice president of business and product development.
In this role, he was responsible for OCC鈥檚 business and new products development as well as strategic and corporate planning.
Before joining OCC, he held senior roles at CME Group and Goldman Sachs.
Meanwhile, Craig Donohue, currently executive chairman and CEO, will remain at OCC as executive chairman.
Donohue, who joined OCC in 2014 as executive chairman after serving as CEO of CME Group from 2004 to 2012, will continue to facilitate board leadership and management oversight on behalf of the board of directors.
As well as this, he will focus on strategic issues and OCC鈥檚 industry leadership role, including OCC鈥檚 engagement with policymakers in Washington, DC.
Additionally, he will have oversight responsibilities for OCC鈥檚 government relations, communications, Options Industry Council and internal audit functions.
According to the OCC, these changes will become effective upon receipt of regulatory approval of by-law and rule changes necessary to effectuate this structure.
Donohue commented: 鈥淚n 2016, at the request of the board of directors, I took on the combined role of executive chairman and CEO to drive toward accomplishing our goals and to assemble an accomplished leadership team capable of ensuring that OCC remains the preeminent global derivatives clearing house well into the future.鈥�
"Given our strong track record of progress since then, the critical role that John Davidson and Scot Warren have played in helping us achieve these results, and the importance of leveraging their skills and experience as we undertake our ambitious new 鈥楻enaissance鈥� initiative to replace our core clearing, settlement and risk management systems, the board of directors has unanimously accepted my recommendation to promote John to CEO and Scot to executive vice president and COO.鈥�
Davidson said: 鈥淚 am proud of the progress and momentum we have created at OCC, and I look forward to serving our clearing members, exchanges, market participants and the investing public as we continue our transformation to a best-in-class provider.鈥�
Warren added: 鈥淚 look forward to continuing to work with Donohue and Davidson to strengthen OCC and ensure its secure foundation for the future. Replacing our core clearing and risk management systems is fundamental to OCC鈥檚 vital role as a systemically important financial market utility, and I am eager to lead this initiative with Davidson.鈥�
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