News Release

NASD Board Of Governors Elects Robert R. Glauber Chairman NASD Members Elect Seven New Governors to Board

Washington, DC —The National Association of Securities Dealers, Inc. (NASD®), today announced the election of Robert R. Glauber as Chairman of the NASD Board of Governors, effective immediately.  In addition to his role as Chairman, Mr. Glauber also serves as the NASD’s President and Chief Executive Officer.

Glauber replaces Frank G. Zarb, who retired this month.  Zarb had served as Chairman of the NASD since 1997.

"I'm honored by the Board's confidence and look forward to serving as Chairman at this critical time for the securities industry," said Glauber.  "I am committed to ensuring that we remain a tough and evenhanded industry self-regulator, while strategically positioning the NASD to meet 21st-Century challenges and opportunities.  And I appreciate this opportunity to build on the vision and success of a predecessor who restored the NASD's luster, Frank Zarb."

Glauber became CEO and President of the NASD in November 2000.  He had served as a member of NASD’s Board since 1996.  Before coming to the NASD, Glauber taught at the Kennedy School’s Center for Business and Government at Harvard University.  He joined that faculty after serving from 1989 until 1992 as Under Secretary for Finance at the U.S. Treasury.  Previously, he was a professor at the Harvard Business School for more than two decades.  Glauber served as Executive Director of the Brady Commission task force appointed by President Reagan to study the 1987 stock market crash.

Election of Governors

Earlier this week the NASD had its Annual Meeting during which the membership of the NASD voted to elect seven new members to the NASD Board of Governors.  The terms of the newly elected Governors begin today.

The new members are:

John W. Bachmann
Managing Partner
Edward D. Jones & Company

Richard F. Brueckner
Chief Operating Officer
Pershing Division of Credit Suisse First Boston

James E. Burton
Chief Executive Officer
California Public Employees’ Retirement System

Sir Brian Corby
Chairman (retired)
Prudential Assurance Company

Stephen L. Hammerman
Vice Chairman of the Board
Merrill Lynch & Co., Inc.

Raymond A. Mason
Chairman & CEO
Legg Mason Wood Walker, Inc. 

John Rutherfurd, Jr.
President and CEO
Moody’s Corporation

In commenting on the new members, Glauber said, "I welcome these distinguished individuals as they join our Board.  I have no doubt they will provide wise counsel as we address the great challenges now facing our industry.  The uniquely balanced structure of our Board — drawing from industry and the public — ensures a diverse variety of perspectives, from which the NASD will benefit."

Presently serving on the NASD Board of Governors are: William C. Alsover, Chairman, Centennial Securities Company, Inc.; M. LaRae Bakerink, First Vice President and Chief Compliance Officer, Pacific American Securities, LLC; H. Furlong Baldwin, Chairman, Mercantile Bankshares Corporation; Anthony J. Boglioli, President, Whitehall Brokerage Services, Ltd. and Vice Chairman, The American Stock Exchange, LLC; Brian T. Borders, Esq., President, Association of Publicly Traded Companies; David A. DeMuro, Senior Vice President and Director of Global Compliance and Regulation, Lehman Brothers, Inc.; Kenneth M. Duberstein, Chairman and Chief Executive Officer, The Duberstein Group, Inc.; Harry P. Kamen, Retired Chairman and Chief Executive Officer, Metropolitan Life Insurance Company; Eugene M. Isenberg, Chairman and Chief Executive Officer, Nabors Industries, Inc.; Donald J. Kirk, Vice-Chairman, Public Oversight Board, American Institute of Certified Public Accountants; John D. Markese, President, American Association of Individual Investors; David S. Pottruck, President and Co-Chief Executive Officer, The Charles Schwab Corporation; Arthur Rock, Principal, Arthur Rock & Co.; Richard C. Romano, President, Romano Brothers & Co.; James F. Rothenberg, President, Capital Research and Management Company; Sharon P. Smith, Dean, College of Business Administration, Fordham University; and Arvind Sodhani, Vice President and Treasurer, Intel Corporation.

NASD staff Board members include:  Robert R. Glauber, Chairman, CEO and President of the NASD, Inc.; Salvatore F. Sodano, Chairman, CEO and COO, The American Stock Exchange LLC; and Mary L. Schapiro, President, NASD Regulation, Inc.

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 American Stock Exchange LLC®, NASD Regulation, Inc.® and NASD Dispute Resolution, Inc.  For more information about the NASD and its subsidiaries, please visit the following Web sites:;