The Options Clearing Corporation (OCC), a derivatives clearing organization, announced the appointment of David Ye as chief risk officer and a member of its management committee.

Ye will replace John “J.J.” Fennell, who will leave the OCC on July 2 to pursue a new opportunity.

The OCC operates under the jurisdiction of both the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission. Ye will be responsible for implementing the OCC’s risk management strategy.

Before joining the OCC, Ye served as chief risk officer at Guardian Life Insurance of America, State Street Global Markets and Global Exchange, and Nomura Holding Americas. Other experience includes time as chief market risk officer for PNC Group.