Summary
This 8-K filing announces a significant leadership transition at The Nasdaq Stock Market, Inc. (Nasdaq) and its parent organization, the National Association of Securities Dealers, Inc. (NASD). Effective upon board approvals expected in September 2001, Frank G. Zarb will step down as Chairman of both Nasdaq and the NASD. Hardwick Simmons, currently CEO of Nasdaq, will assume the role of Chairman of Nasdaq, while retaining his CEO position. Robert R. Glauber, President and CEO of the NASD, will become Chairman of the NASD. This transition follows a period of substantial growth and development under Mr. Zarb's leadership, including the globalization of Nasdaq's operations and the development of new trading systems. Investors should note that while Zarb is stepping down from his Chairmen roles, he will remain involved with both Nasdaq and the NASD in an advisory capacity until February 2002, including his role as Chairman of Nasdaq Europe. The announcement highlights the intended smooth transition of leadership and emphasizes the continued focus on market integrity, transparency, and global growth for both organizations. The market will be closely watching the September board votes for formal approval of these executive changes.
Key Highlights
- 1Frank G. Zarb to step down as Chairman of The Nasdaq Stock Market, Inc. and the NASD.
- 2Hardwick Simmons, Nasdaq CEO, to succeed Zarb as Chairman of Nasdaq, retaining CEO role.
- 3Robert R. Glauber, NASD President and CEO, to succeed Zarb as Chairman of the NASD.
- 4Transition effective upon board approvals scheduled for September 20, 2001 (NASD) and September 26, 2001 (Nasdaq).
- 5Frank Zarb will continue in an advisory capacity until February 2002, including his role as Chairman of Nasdaq Europe.
- 6The announcement underscores a focus on continued growth, market integrity, and transparency for both Nasdaq and the NASD.
- 7This marks a significant leadership change after Zarb's tenure, which saw Nasdaq become a preeminent global market.