News Release

NASD Announces Promotion of Richard G. Ketchum to NASD President and Salvatore F. Sodano to NASD Deputy Chief Operating Officer

Washington, D.C.—Frank G. Zarb, Chairman and CEO of the National Association of Securities Dealers, Inc. ("NASD" – Parent of The Nasdaq Stock Market) today announced the appointment of Richard G. Ketchum as President and Salvatore F. Sodano as Deputy Chief Operating Officer (COO). Ketchum will continue in his current position as Chief Operating Officer and Sodano in his current position as Chief Financial Officer.

In his new position as President, Ketchum will report to Chairman and CEO Frank G. Zarb and will be responsible for a broad range of NASD operations. In this role, Ketchum will work closely with the NASD’s subsidiaries, The Nasdaq Stock Market and NASD Regulation, in the development and formulation of legal, regulatory, and market policies as well as international initiatives.

Ketchum joined the NASD as Executive Vice President in 1991 and was appointed Chief Operating Officer in 1993. Prior to joining the NASD, Ketchum was the Director of the Division of Market Regulation at the Securities and Exchange Commission. Ketchum earned his JD from New York University School of Law in 1975 and his B.A. from Tufts University in 1972.

"Rick has been a great partner during my first year at the NASD. His leadership and understanding of the markets will continue to serve us well as we face increased challenges and opportunities both domestically and internationally. The NASD and its constituents –members, issuers and the investing public – are fortunate to have someone of Rick’s intellect, integrity and commitment. I am very pleased to be making this announcement today," said Frank G. Zarb, NASD Chairman and CEO.

In the newly created position of Deputy COO, Sodano will take on the additional responsibility of Corporate Communications and continue to report to Ketchum. Sodano joined the NASD in June 1997 as Chief Financial Officer where he has been responsible for the Finance Department, Human Resources and Administrative Services.

"Since joining our management team last June, Sal has done an excellent job by increasing our fiscal discipline and improving our overall efficiency. This added responsibility is a natural move for Sal and should help improve our operation," said Zarb.

The National Association of Securities Dealers, Inc. is the largest securities industry self-regulatory organization in the United States. Through its subsidiaries, The Nasdaq Stock Market, Inc. and NASD Regulation, Inc., the NASD designs, operates and regulates securities markets and develops rules and regulations, provides a dispute resolution forum and conducts regulatory reviews of members activities, all for the benefit and protection of the investor. For more information about the NASD and its subsidiaries, please visit the following Web sites:;; or the Nasdaq Newsroom at