News Release

NASD Chairman Tully Names Search Committee to Find Successor to Nasd President and CEO Hardiman

Washington, D.C.--Daniel P. Tully, recently elected Chairman of the Board of Governors of the National Association of Securities Dealers, Inc. (NASD), today announced the members of a Search Committee formed to find a successor to Joseph R. Hardiman, NASD President and Chief Executive Officer, who previously announced his intention to retire.

The Committee is composed of seven members and includes industry, non-industry, issuer, and public representatives. Each member of the Search Committee currently serves on the NASD Board or the Boards of NASD Regulation, Inc., or The Nasdaq Stock Market, Inc. In addition to Mr. Tully, who is Chairman and Chief Executive Officer of Merrill Lynch & Co., Inc., and who will chair the Search Committee, the members of the Committee are as follows:

  • John H. Biggs, Chairman and Chief Executive Officer of the Teachers Insurance Annuity Association (TIAA) and the College Retirement Equity Fund (CREF) in New York.
  • Elaine L. Chao, President and Chief Executive Officer of the United Way of America in Alexandria, Virginia, former Director of the Peace Corps, and former Deputy Secretary of the U.S. Department of Transportation.
  • Jon S. Corzine, Chairman of Goldman, Sachs & Company in New York and Chairman of the firm's Management Committee.
  • Richard M. DeMartini, President and Chief Operating Officer of Dean Witter Capital and member of the Management Committee of Dean Witter, Discover & Co., in New York and current Chairman of the Nasdaq Board of Directors.
  • Robert R. Glauber, adjunct lecturer at the Center for Business and Government of the Kennedy School, Harvard University in Cambridge, Massachusetts, and former Under Secretary of the U.S. Treasury for Finance in the Bush Administration.
  • James S. Riepe, Managing Director, member of the Management Committee and Director of T. Rowe Price Associates, Inc., a Nasdaq-listed company, and a former Chairman of the Investment Company Institute.

"Our Committee will conduct a thorough search in finding a successor to Joe Hardiman," said Mr. Tully, "with consideration given to qualified candidates both in and outside the securities industry. The NASD and its subsidiary organizations play a critical role in our capital markets. We will focus specifically on individuals with proven leadership abilities and the management experience essential to overseeing these important regulatory activities and vast market operations."

The Committee will begin its work in the very near future and expects to submit its recommendations to the NASD Board of Governors for its consideration before year end