OCC Names Stephen Luparello as Chairman, Succeeding Craig Donohue

CHICAGO--(BUSINESS WIRE)--May 2, 2025--

OCC, the world's largest equity derivatives clearing organization, today announced the appointment of Stephen Luparello as Chairman, succeeding Craig Donohue, who resigned to pursue another career opportunity.

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Mr. Luparello is a Public Director on OCC’s Board of Directors, most recently serving on the Compensation and Performance Committee (Chair) and the Regulatory Committee (Chair). He will serve as Chair for the remainder of Donohue’s term, which runs through April 2026.

Luparello’s impressive career in financial markets includes stints as Managing Director and General Counsel for Citadel Securities, and Director of the U.S. Securities and Exchange Commission’s Division of Trading & Markets. In addition, he spent 16 years at the Financial Industry Regulatory Authority (FINRA) where he served in a number of senior regulatory roles, including Vice Chairman.

On the 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.”

“I want to recognize and thank Craig for his many contributions over the last decade in his roles as CEO and Chairman,” Luparello added “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.”

Andrej Bolkovic, OCC’s CEO and member of its board, said, “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.”

“I also want to express my appreciation to Craig for his leadership," Bolkovic added. “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.”

About OCC

The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 20 exchanges and trading platforms. More information about OCC is available at www.theocc.com.

Stephen Luparello, Chairman, OCC Board of Directors

DHAKA, Bangladesh (AP) — Huge crowds flocked to the area outside Bangladesh’s national parliament building in the capital Wednesday to attend the funeral prayers for former Prime Minister Khaleda Zia , who died a day earlier at the age of 80 after a prolonged illness.

Waves of people from Dhaka and elsewhere had been streaming in toward the venue on Manik Mia Avenue, outside the parliament building, since early morning. Witnesses said many cried, calling Zia their “mother” as they arrived at the venue, with some traveling overnight from rural areas to join the prayers. In neighborhoods kilometers (miles) away, crowds also spilled into major streets to pray.

Zia’s funerals were expected to draw hundreds of thousands of her supporters and people from across the country while dignitaries from India, Pakistan, Sri Lanka and Nepal also arrived in Dhaka, with local media saying foreign envoys and representatives from 32 countries joined the funeral ceremony. She will be buried beside the grave of her husband, a former president who was assassinated in a military coup in 1981, in a park outside the parliament building later Wednesday.

Zia came to politics after her husband’s death and rose to prominence as an opposition leader during a nine-year movement against a former military dictator who was ousted in a mass uprising in 1990. Zia became prime minister for the first time in 1991, with a landslide victory in a democratically held national election as the country introduced parliamentary democracy. She was the leader of her Bangladesh Nationalist Party till her death.

Zia, who was known for having a calm demeanor, maintained a strong political rivalry with her archrival and former Prime Minister Sheikh Hasina. Hasina, who heads the Bangladesh Awami League party, ruled the country for 15 years before she was ousted in 2024 in a mass uprising.

Zia's coffin, draped in Bangladesh’s national flag, was carried in a van escorted by security officials and party supporters from the hospital to her residence and then to the funeral venue.

Authorities said about 10,000 security officials including soldiers would be deployed around the venue to maintain order on Wednesday.

Bangladesh’s interim government headed by Nobel Peace Prize laureate Muhammad Yunus announced a three-day mourning and declared Wednesday a public holiday to facilitate the funerals. Flags were kept at half-staff Wednesday across the country to show respect to Zia, the country’s first female prime minister who served two full terms and another brief term.

Zia’s eldest son, Tarique Rahman, is the acting head of her Bangladesh Nationalist Party, which is the front-runner in the nation’s next elections in February.

Hasina, who has been in exile in India since Aug. 5, 2024, was sentenced to death in November on charges of crimes against humanity involving last year’s uprising.

FILE - Bangladesh's main opposition Bangladesh Nationalist Party chief and former Prime Minister Khaleda Zia looks upwards as she attends a rally of her supporters outside their party headquarters in Dhaka, Bangladesh, Monday, March 12, 2012. (AP Photo/Aijaz Rahi, File)

FILE - Khaleda Zia takes an oath of office as the prime minister in Dhaka, Bangladesh, Oct. 10, 2001. (AP Photo/Pavel Rahman, File)

FILE - Bangladesh's former prime minister and Bangladesh Nationalist Party leader Khaleda Zia, center, leaves court after a hearing in Dhaka, Bangladesh, Aug. 10, 2016. (AP Photo, File)