News Release

Venture Capitalist Arthur Rock Elected to NASD Board of Governors

Washington, D.C.—The National Association of Securities Dealers, Inc. (NASD®) today announced that veteran venture capitalist Arthur Rock has been elected to the Board of Governors, replacing Bridget A. Macaskill as one of the Board’s 14 non-industry members. Rock will serve for the remainder of the year, filling the unexpired term of Ms. Macaskill.

"With almost four decades of experience in the financial services industry, Arthur brings a wealth of experience and a keen sense of what investors need to the NASD Board," said Frank G. Zarb, NASD Chairman and Chief Executive Officer. "We are delighted that he is joining us."

Rock is Principal of Arthur Rock & Co., a San Francisco-based venture capital firm. He founded the firm in 1968 after seven years as a general partner at another venture capital firm, Davis & Rock.

In addition, Rock was a Founder, past Chairman of the Board of Directors, Chairman of the Executive Committee, and the lead Director at Intel Corp. from 1968 to the present. He has served as Chairman of the Board of Scientific Data Systems Inc., from 1962-1969 (when they merged with Xerox Corporation); Director of Xerox Corp., from 1969-1972; a member of the Executive Committee and a Director of Teledyne Inc., from 1961-1994; a Director of Apple Computer Inc., from 1980-1993; a Director of Argonaut Insurance Group Inc., from 1986 to the present; a Director of Echelon Corp., from 1989 to the present; and a Director of Air Touch Communications, from 1994 to the present.

Rock received his B.S. degree from Syracuse University and an M.B.A. from Harvard University. He is also a past member of the visiting committee at the Harvard Business School.

There are 27 members of the NASD Board, including 9 industry members, 14 non-industry members, and 4 NASD executives.

The National Association of Securities Dealers is the largest securities-industry self-regulatory organization in the United States. Through its subsidiaries, NASD Regulation, Inc., and The Nasdaq Stock Market, Inc., the NASD develops rules and regulations; provides a dispute resolution forum; conducts regulatory reviews of members’ activities; and designs, operates, and regulates securities markets all for the benefit and protection of investors.