The National Association of Securities Dealers Inc has approved an executive management transition plan to be voted on at its board meeting in September that will name Robert Glauber, chairman of the NASD and Wick Simmons as chairman of Nasdaq.

When approved, Frank Zarb will relinquish his positions as chairman of both organizations. These 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 CEO of Nasdaq. Glauber retains the titles of president and CEO of the NASD.

“Nasdaq is positioned to continue its growth,” said Simmons. “I welcome enthusiastically this opportunity to build on what Frank Zarb has accomplished, and recognize the critical importance Nasdaq plays in not only the life of our U.S. economy, but around the world. That Nasdaq plays such a role is testament to Frank’s vision and his ability to bring that vision to life. Not only do we at Nasdaq owe Frank a debt of gratitude, but so does each investor, each public company, each member firm and those that will follow.”

Glauber said, “I am honored to succeed Frank Zarb as chairman of the NASD and am grateful to him and the entire Board of Governors for their confidence. As the leading self-regulatory organization in the securities industry, this is a pivotal time for the NASD. With our new independence and focus, we will concentrate on our primary mission of fostering the most efficient, transparent and fair securities markets in the world.”

Zarb said, “The appointments of Wick and Bob insure a smooth transition in leadership this fall for both the NASD and Nasdaq. Wick Simmons is showing the kind of leadership and marketing savvy that will move Nasdaq to a position of global preeminence.”