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National Stock Exchange, Inc. (NSX(SM)) today announced that Joseph S. Rizzello has been appointed Chief Executive Officer of the Exchange. Mr. Rizzello has assumed the responsibilities of NSX CEO in addition to his duties as Chairman of the Board of NSX Holdings, Inc., a position to which he was elected on September 22, 2006. NSX Holdings, Inc. is the parent of NSX.
Mr. Rizzello succeeds David Colker, who has decided to resign to pursue other opportunities and has offered to continue with the Exchange through a transition period.
Donald L. Calvin, NSX Chairman of the Board, said, "Joseph has served as a valued member of the NSX Board and, more recently, Special Adviser to NSX's Board before being elected Chairman of NSX Holdings last month. He was a chief architect of NSX's new business plan, working for the past two years to implement a strategy to make NSX a leading stock exchange in the U.S. The Board is very pleased that Joseph has accepted their request that he become CEO during this interim period. The Board also appreciates David Colker's many years of dedicated service and his willingness to assist during this transitional period."
Mr. Rizzello's appointment as NSX CEO caps off a year of major achievements. Together with Mr. Colker, Mr. Rizzello executed a new business plan that included NSX's restructuring from a not-for-profit to a for-profit holding company, the raising of new investment capital from six major Wall Street firms, and the building of a new-state-of-the-art technology platform expected to launch shortly.
"NSX's financial position is now the strongest in its history," said Mr. Rizzello. "We are about to launch an entirely new trading platform, NSX BLADE(SM) and the NASD/NSX Trade Reporting Facility. It has been a pleasure working with David Colker toward these accomplishments and I appreciate his many contributions to this institution over the years. It's a terrific time for NSX and I am proud to be a part of this transformation and the opportunities it presents for this Exchange."
"I believe that this organization has made a significant contribution to the national market system and I am gratified to have been associated with it and to have worked with so many talented people," said Mr. Colker. "Following a year of historic change, the Exchange is now poised to take advantage of the tremendous opportunity created by Reg NMS. I am confident in the future of this organization and believe the time is right for me to shift to a more advisory role while I explore other opportunities."
NSX's Board of Directors has expanded the role of its Management Development Committee to include a search for a permanent successor for the NSX CEO position.
Mr. Rizzello's is a 35-year veteran of the securities industry. His role as Special Adviser to NSX from September 2004 to September 2006 immediately followed his service as a Director on NSX's Board from January 2002 to September 2004 and a member of NSX's Executive Committee during that period.
Prior to his appointment as Special Adviser to NSX, Mr. Rizzello was Managing Director of Pershing LLC, President of Pershing Trading Company and a member of Pershing's Executive Committee. Before joining Pershing, he was a Principal at Vanguard Brokerage Services (VBS). Earlier in his career, he served as Executive Vice President of Marketing, Business and New Product Development at the Philadelphia Stock Exchange, as well as president of its futures subsidiary, the Philadelphia Board of Trade.
Mr. Rizzello is a recognized industry expert and a frequent speaker at industry conferences, most recently on issues related to Regulation NMS. He has lectured extensively on equities, equity options and sector index options, as well as foreign exchange risk management.
NSX, the nation's first all-electronic stock exchange, is the low-cost provider of exchange services. Having replaced its physical trading floor with a completely automated market in 1980, NSX has been a model of exchange efficiency and a driving force for change in the world of securities exchanges. Founded in 1885, NSX continues to lead the way in exchange innovation. For more information, visit NSX's website at http://www.nsx.com
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