Summary
Nasdaq, Inc. (NDAQ) announced the election of Mr. Johan Torgeby to its Board of Directors, effective July 19, 2022. Mr. Torgeby is an independent director and will serve on the Finance Committee. His appointment is a standard governance update, but his background as President and CEO of Skandinaviska Enskilda Banken AB (SEB) is noteworthy given Nasdaq's existing business relationships with SEB. Investors should be aware that SEB is a client of Nasdaq, utilizing various products and services, and also acts as a lender and underwriter for Nasdaq's financial activities. While these transactions are described as being in the ordinary course of business, the aggregate financial value is substantial. The company emphasizes that Mr. Torgeby was not selected based on any special arrangements, and his compensation will follow Nasdaq's standard non-employee director policy.
Key Highlights
- 1Johan Torgeby appointed to Nasdaq's Board of Directors as an independent director.
- 2Mr. Torgeby will serve on the Board's Finance Committee.
- 3Mr. Torgeby is the President and CEO of Skandinaviska Enskilda Banken AB (SEB).
- 4Nasdaq has existing business relationships with SEB, including SEB as a service client, lender, and underwriter.
- 5SEB's payments to Nasdaq were approximately $5.6 million in 2022 and $10.1 million in 2021 for products/services.
- 6Nasdaq's payments to SEB were approximately $760,000 in 2022 and $1.5 million in 2021 for financial services.
- 7The appointment is effective immediately as of July 19, 2022.