News Release

Robert R. Glauber Becomes NASD CEO and President

Washington, D.C.—Robert R. Glauber has become the chief executive officer and president of the National Association of Securities Dealers, Inc. (NASD®). This appointment was effective last Wednesday, November 1. He will continue to be on the NASD Board of Governors. Glauber succeeds Frank G. Zarb as NASD CEO and Richard G. Ketchum as NASD president. Zarb continues as NASD non-executive chairman and also serves as chairman and CEO of The Nasdaq Stock Market (Nasdaq®). Rick Ketchum is now president of Nasdaq. This completes the management appointments previously announced July 27.

Commenting on Mr. Glauber’s appointment, Frank Zarb said, "Bob Glauber has been a leader in shaping the NASD restructuring this year, approved so overwhelming by the NASD membership. He is extremely well suited to lead the NASD going forward."

In assuming his new role, Glauber commented, "My first job is to make sure that NASD Regulation continues to be the tough and evenhanded regulator it is today. Our commitment to investors that U.S. markets continue to be the safest and fairest in the world will be carried on during my watch. But today's markets are more complex, so we have to be smarter, more efficient, and less burdensome when working with member firms. We also plan to offer our regulatory services and technology to exchanges and regulators in the U.S. and abroad."

Robert R. Glauber, 61, has been an active member of NASD’s Board since he was elected in 1996. During the development of the NASD restructuring proposal, he chaired the Board’s Fairness Committee, to provide an independent assessment of the restructuring proposal. The Fairness Committee carefully reviewed and considered the objectives, terms, and conditions of the restructuring. The restructuring plans were modified in a number of important respects based on input from the Fairness Committee. In addition, he acted as chairman of the NASD Board of Governor’s Finance Committee.

Prior to this appointment Glauber was a Lecturer at the Center for Business and Government, Kennedy School, Harvard University. Mr. Glauber joined the Kennedy School faculty in 1992, after serving as Under Secretary of the U.S. Treasury for Finance from 1989 until 1992. Previously, he was a professor at Harvard Business School for 25 years. Mr. Glauber served as Executive Director of the task force (Brady Commission) appointed by President Reagan to study the 1987 stock market crash.

He serves as a director of XL Capital, Ltd. (Bermuda-based insurer), Moody’s Investor Serivces, Measurisk LLC (a private risk measurement applications service provider), and Federal Reserve Bank of Boston. Mr. Glauber holds a B.A. from Harvard College in Economics and a doctorate in Finance from Harvard Business School.

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, The American Stock Exchange® and NASD Regulation, Inc. For more information about the NASD and its subsidiaries, please visit the following Web sites:;;;;; or the Nasdaq Newsroomsm at