(July 27 – 17:34 ET) – Frank Zarb is stepping down as the head of NASDAQ and the NASD.
Zarb will remain as chairman of the NASD and NASDAQ during the transition period. Robert Glauber has been named the NASD’s new CEO and president effective November 1. Richard Ketchum has been named president of NASDAQ, effective immediately.
“We are in the process of completing the restructuring of the NASD that its members approved so resoundingly in April. These appointments today set the stage for the future growth of both organizations, through outstanding leadership,” said Zarb.
Glauber, 61, has been a member of NASD’s board since 1996. He is currently Adjunct Lecturer at the Center for Business and Government, Kennedy School, Harvard University. He served as Under Secretary of the U.S. Treasury for Finance from 1989 until 1992, was a professor at Harvard Business School for 25 years, and served as Executive Director of the task force appointed by President Reagan to study the 1987 stock market crash. He currently serves as a director of XL Capital Ltd., Dun & Bradstreet, Measurisk LLC, and the Federal Reserve Bank of Boston. Glauber holds a B.A. from Harvard College in Economics and a doctorate in Finance from Harvard Business School.
Ketchum, 49, was appointed president of the NASD in February 1998. Prior to joining the NASD, he was director of the division of market regulation at the Securities and Exchange Commission. He is a member of the adjunct faculty of the Georgetown School of Law and previously with the Washington School of Law at American University. Ketchum earned his J.D. from the New York University School of Law in 1975 and his B.A. from Tufts University in 1972.
-IE Staff