Hardwick Simmons, the former president and chief executive officer of Prudential Securities has been named as the next CEO of the Nasdaq Stock Market.
Simmons will take on the role in February 2001, when current chief Frank Zarb steps down. Zarb will stay on as chairman for up to a year in order to smooth the handover. The NASD Board also named Richard Ketchum as deputy chairman in addition to his continuing role of Nasdaq’s president.
Simmons, 60, recently retired from Prudential Securities where he had served since 1991 as president and chief executive officer. In this role, he led Prudential Securities’ return to health after its debilitating experience with limited partnerships in the 1980’s. Prior to joining Prudential, Simmons was president of the private client group at Shearson Lehman Brothers, where he oversaw the firm’s private client, marketing and sales, and financial services divisions.
His appointment ends a four month search for a replacement to Zarb (67), who has held the current post since 1997. In July, Nasdaq said it planned to name a new management team as part of its conversion into a for-profit corporation.