(October 5 – 17:15 ET) – The board of National Association of Securities Dealers has decided to extend Frank Zarb’s contract as chairman and CEO of Nasdaq for up to one year.
Zarb joined the NASD in 1997. He is currently chairman and CEO of the NASD as well as Nasdaq. In January, the NASD extended Zarb’s contract until February 2001, and began a search for a new leader at both the NASD and Nasdaq. In June, the board appointed Robert Glauber to be the new CEO and president of the NASD effective November 1, 2000. But it couldn’t beat Zarb for the Nasdaq leadership.
“Over the last several months, it has become increasingly clear to us that it would be good for Nasdaq, with its extensive initiatives to revolutionize the equity markets in the U.S. and internationally, as well as completing phase two of its private placement, if Frank Zarb’s active involvement could be extended beyond the end of his current contract, ” says Arvind Sodhani, NASD board member, and vice president and treasurer of Intel, who heads up the search committee, “Recognizing this, we have recommended to the NASD board that his contract be extended for up to one year, that is to February 2002. Today, the board passed a resolution requesting Zarb to extend his contract, and he has agreed.”
Sodhani says the work of the search committee continues and a number of excellent candidates have been identified, noting that whoever is selected will join Nasdaq during 2001 and will work side-by-side with Zarb to insure a smooth transition.
Prior to joining the NASD, Zarb was chairman, CEO and president of Alexander & Alexander Services Inc. He has also been chairman and CEO of Smith Barney and a senior partner of Lazard Freres & Co. from 1978 until 1988.
-IE Staff