The Options Clearing Corporation (OCC), the world’s largest equity derivatives clearing organization, has announced the appointment of Stephen Luparello as Chairman of its Board of Directors. This leadership transition follows the resignation of Craig Donohue, who is stepping down to pursue a new professional opportunity after a decade of significant contributions to the organization.
Stephen Luparello brings an extensive background in financial regulation and market oversight to his new role. He has served as a Public Director on OCC’s Board and chaired both the Compensation and Performance Committee and the Regulatory Committee. With a wealth of experience from both the public and private sectors, Luparello is poised to guide OCC during a pivotal time in its evolution. He will serve as Chairman for the remainder of Donohue’s term, which runs through April 2026.
Luparello’s professional history includes senior leadership roles that span the U.S. Securities and Exchange Commission (SEC), where he led the Division of Trading and Markets, and Citadel Securities, where he served as Managing Director and General Counsel. His regulatory experience is further underscored by a 16-year tenure at the Financial Industry Regulatory Authority (FINRA), where he rose to the position of Vice Chairman and played a key role in the oversight and modernization of financial regulation.
Commenting on his appointment, Luparello said, “I am honored to serve as Chairman of the Board for OCC. It continues to be rewarding to serve alongside my fellow directors in this time of transformational change for OCC and across our industry. I look forward to continuing our work with OCC’s management team to elevate OCC’s resiliency and efficiency for the benefit of market participants and the investing public.”
He also extended his appreciation to outgoing Chairman Craig Donohue, stating, “I want to recognize and thank Craig for his many contributions over the last decade in his roles as CEO and Chairman. Craig initiated critically important efforts to enhance OCC’s financial, operational, and technological foundations. He skillfully led the Board in thoughtful oversight during his many years of leadership. The Board and I congratulate him and wish him all the best.”
Donohue’s tenure at OCC was marked by an ambitious transformation agenda. During his leadership, OCC focused on strengthening its risk management capabilities, improving its technology infrastructure, and aligning its operations with evolving regulatory expectations. Under his stewardship, the organization secured designation as a Systemically Important Financial Market Utility (SIFMU), underscoring its vital role in U.S. and global financial markets.
Donohue also championed greater transparency and accountability across the organization. His leadership played a key role in modernizing OCC’s governance structure and enhancing its responsiveness to the needs of market participants. His focus on resilience positioned OCC to navigate periods of market volatility and ensure continuity in the financial system.
OCC CEO Andrej Bolkovic expressed his enthusiasm for Luparello’s appointment and his gratitude for Donohue’s leadership. “I am thrilled to welcome Steve as OCC’s next Chairman. Steve’s experience in both industry and regulatory roles allows him to bring a uniquely valuable perspective to our organization. We have benefitted greatly from his deep understanding of markets and the vital role that OCC plays. I look forward to continuing to work closely with him in his new role.”
Bolkovic continued, “I also want to express my appreciation to Craig for his leadership. Craig led a transformation effort here that was unprecedented, and which put us on the path to our next chapter of serving the industry and the investing public. His legacy will remain a central part of OCC’s continued growth and service.”
As OCC continues to evolve in response to technological innovation, regulatory developments, and increased market complexity, the appointment of a seasoned leader like Luparello signals the organization’s intent to maintain its momentum in delivering robust, transparent, and efficient clearing services. With Luparello at the helm of the Board, OCC is well-positioned to navigate future challenges and sustain its role as a critical infrastructure provider to the U.S. financial markets.
Founded in 1973, OCC serves as a key cog in the functioning of equity options markets, providing central counterparty (CCP) clearing and settlement services. It is widely recognized for its contributions to financial market stability and the mitigation of systemic risk. Through its leadership changes, OCC remains committed to its core mission: promoting confidence in the financial markets and ensuring the integrity and efficiency of its clearing services.
For more information about OCC and its leadership team, please visit www.theocc.com.
