CHICAGO, IL--(Marketwire - Jun 26, 2012) - OCC announced today the election of six new members to its Board of Directors including two in newly created Public Director roles.
The new Directors are Steven G. Crutchfield, CEO of NYSE Amex Options LLC and Senior Vice President, NYSE Euronext, appointed Exchange Director; Elizabeth K. King, Head of Regulatory Affairs, GETCO LLC; Kevin G. Russell, Managing Director, Head of Equities Trading for the Americas, Citigroup Global Markets Inc.; and Jonathan B. Werts, Managing Director, Global Execution Services Bank of America Merrill Lynch. Mr. Crutchfield replaces Thomas F. Callahan as an Exchange Director and the new members replace Paul J. Brody, William D. Felder and Valar J. Mihan.
Furthermore, Philip A. Pendergraft was elected to a second term and Gerald J. McGraw was appointed Board Vice Chairman. In addition to the new members above, OCC expanded its Board of Directors to include two new Public Directors for a total of 18 members from 16. Appointed to those positions were Matthew B. Gelber and Alice P. White.
Mr. Gelber is currently an Executive-in-Residence with Technology Crossover Ventures and also President of Bitterroot Asset Management LLC. He has also held the positions of Chief Executive Officer at TradeLink Holdings and prior to that Executive Managing Director of NYSE Arca.
Dr. White is an economist whose work focuses on financial market regulatory policy with an emphasis on derivative instruments. For more than 31 years, she worked at the Board of Governors of the Federal Reserve System, where she served as Senior Associate Director.
"We are pleased to be able to add these distinguished members to OCC's Board of Directors," said Wayne Luthringshausen, OCC Chairman and CEO. "Their experience and perspective will further enhance our board. We also believe that adding two Public Members broadens our Board of Directors and provides fresh insights to the issues it faces."
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 15 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.