Zarb joined the NASD in 1997. He currently holds the positions of chairman and chief executive officer of NASD as well as the same positions for Nasdaq. In January of this year, the NASD extended Zarb’s contract until February 2001, and began a search process for the leadership positions at both the NASD and Nasdaq. In June, the board announced the appointment of Robert R. Glauber to be the new chief executive officer and president of the NASD effective November 1, 2000.
Arvind Sodhani, NASD board member and vice president and treasurer of Intel, who heads up the search committee for the new Nasdaq CEO, explained, "Over the last several months, it has become increasingly clear to us that it would be good for Nasdaq, with its extensive initiatives to revolutionize the equity markets in the U.S. and internationally as well as completing phase 2 of its private placement, if Frank Zarb’s active involvement could be extended beyond the end of his current contract, which is February 2001. Recognizing this, we have recommended to the NASD board that his contract be extended for up to one year, that is to February 2002. Today, the board passed a resolution requesting Zarb to extend his contract, and he has agreed."
Sodhani continued, "The work of the search committee continues and a number of excellent candidates have been identified. Whoever is selected is expected to join Nasdaq during 2001 and have the benefit of working side-by-side with Zarb for a period of time to insure a smooth transition."
Frank G. Zarb, 65, is Chairman and Chief Executive Officer of NASD, Inc., and The Nasdaq Stock Market, Inc. Prior to joining the NASD in 1997, Zarb was chairman, CEO and president of Alexander & Alexander Services, Inc., from June 1994 through January 1997. Before that, he was a Vice Chairman and Group Chief Executive of The Travelers, Inc. and Chairman and Chief Executive Officer of Smith Barney, a Travelers’ subsidiary, which he joined in 1988. He was named Group Chief Executive in 1993. Mr. Zarb was elected a Vice Chairman of Travelers, Inc. in 1991. Before joining Smith Barney, he was a senior partner of Lazard Freres & Co. from 1978 until 1988.
From 1974 through 1977, Zarb was the senior official of all United States government energy-related activities, serving as Executive Director of the Cabinet-level Energy Resources Council, Administrator of the Federal Energy Administration, and Assistant to the President for Energy Affairs (the "Energy Czar"). Prior to those appointments, he had been Associate Director of the Office of Management and Budget from 1973 to 1974 and served as Assistant Secretary of Labor between 1971 and 1972. He has served in various assignments with Nixon, Ford, Reagan, Bush, and Clinton administrations.
Before entering public service, Zarb acquired considerable experience in the securities industry where he began his career with Goodbody and Co. in 1962. He is a member of the Board of Trustees of the Gerald R. Ford Foundation and a former Chairman of the Board of Hofstra University, where he still serves as a Board member. Zarb, who earned his B.S. and M.B.A. degrees in business from Hofstra University, was awarded an honorary Doctor of Law degree by the University and the school’s Outstanding Scholar Award.
The National Association of Securities Dealers, Inc., is the largest securities-industry, self-regulatory organization in the United States. It is the parent organization of The Nasdaq Stock Market, Inc.; the American Stock Exchange, LLC; NASD Regulation, Inc.; and NASD Dispute Resolution, Inc. For more information about the NASD® and its subsidiaries, please visit the following Web sites: www.nasd.com; www.nasdaq.com; the Nasdaq NewsroomSM at www.nasdaqnews.com; www.amex.com; www.nasdr.com; or www.nasdadr.com.
