The board of National Association of Securities Dealers (NASD), US, has named Robert Glauber chairman and Wick Simmons chairman of Nasdaq. The two will replace Frank Zarb who is currently chairman of both boards.
The changes will become effective upon the NASD board vote on September 20 and the Nasdaq board vote on September 26.
Zarb will have a continued role with both Nasdaq and the NASD until February 2002, including his role as chairman of Nasdaq Europe. Simmons, in addition to becoming chairman, retains his position as chief executive officer of Nasdaq. Glauber retains the titles of president and chief executive officer of NASD.
Before becoming CEO and president of NASD on November 1 2000, Glauber was an active member of the NASD board since 1996. During the development of the NASD restructuring proposal, he chaired the board's Fairness Committee, which provided an independent assessment of the proposal.
Simmons began as chief executive officer of Nasdaq on February 1 2001. Prior to joining the company, he served as president and chief executive officer of Prudential Securities Incorporated, the investment and brokerage firm, and Prudential Securities Group Inc., the firm's holding company.
He is a former member of Prudential Securities' Operating Committee and Operating Council and the Prudential Securities Group Inc. board of directors.