The National Association of Securities Dealers Inc. today announced the election of Robert Glauber as chairman of the NASD board of governors, effective immediately.

Glauber already serves as the NASD’s president and CEO. He replaces Frank Zarb, who retired this month. Zarb had served as chairman of the NASD since 1997.

Glauber became CEO and president of the NASD in November 2000. He had served as a member of NASD’s board since 1996. Before coming to the NASD, Glauber taught at the Kennedy School’s Center for Business and Government at Harvard University. He joined that faculty after serving from 1989 until 1992 as Under Secretary for Finance at the U.S. Treasury.

Previously, he was a professor at the Harvard Business School and executive director of the Brady Commission task force appointed by President Reagan to study the 1987 stock market crash.

Earlier this week the NASD had its annual meeting and it elected seven new members to the NASD board.

“I’m honored by the board’s confidence and look forward to serving as chairman at this critical time for the securities industry,” said Glauber. “I am committed to ensuring that we remain a tough and evenhanded industry self-regulator, while strategically positioning the NASD to meet 21st-Century challenges and opportunities. And I appreciate this opportunity to build on the vision and success of a predecessor who restored the NASD’s luster, Frank Zarb.”