Hardwick Simmons Begins As Chief Executive Officer Of Nasdaq

The Nasdaq Stock Market, Inc., announced that Hardwick "Wick" Simmons officially began his job as Chief Executive Officer (CEO) of the organization today. He succeeds former CEO Frank G. Zarb, who remains as chairman of both Nasdaq and the National Association of Securities Dealers, Inc. (NASD®).

Simmons brings over 30 years of securities industry experience to Nasdaq®. Prior to joining the company, Simmons served as President and Chief Executive Officer of Prudential Securities Incorporated, the investment and brokerage firm, and Prudential Securities Group Inc., the firm's holding company. He is a former member of Prudential Securities' Operating Committee and Operating Council and the Prudential Securities Group Inc. Board of Directors.

Prior to joining Prudential in 1991, Simmons was President of the Private Client Group at Shearson Lehman Brothers, Inc. In this role, he oversaw the firm's Retail organization, which consisted of 10,500 Financial Consultants in 475 branches, as well as the Marketing and Sales and Financial Services divisions. Simmons began his career in the securities industry in 1966 when he became a Financial Advisor at Hayden Stone, a predecessor firm of Shearson Lehman Brothers, Inc.

Commenting on his successor, Zarb said, "I’ve known Wick for 30 years, and he has a reputation for outstanding leadership. He’s a wonderful addition at the helm of Nasdaq. I am confident he will continue the success we’ve enjoyed and I look forward to working with him as we move the company forward."

Zarb, who joined the NASD in 1997, led Nasdaq to become the largest stock market in the world by both dollar and share volume. Among the major initiatives he has spearheaded:

leading Nasdaq through a historic demutualization and restructuring;
winning approval by the U.S. Securities and Exchange Commission (SEC) of the innovative "SuperMontage" trading system;
implementing the SEC’s Order Handling Rules, which made significant improvements to the market and brought decreased spreads to investors;
launching the Nasdaq MarketSite in New York City; and
establishing Nasdaq Japan, in partnership with SoftBank Corporation, as the second leg in the strategy to link Asian, European and American markets in a global market.

Zarb will remain in his current position as chairman for up to one year and will work closely with Simmons and other members of the executive management team during this period to ensure a smooth transition.

The Nasdaq Stock Market lists nearly 5,000 companies, has a larger dollar volume, and trades more shares per day than any other U.S. market. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or the Nasdaq NewsroomSM at www.nasdaqnews.com.