News Release

NASD Members Elect Four Governors to Board

Washington, DC — NASD today conducted its Annual Meeting, during which the membership of NASD voted to elect four people to the NASD Board of Governors.  John J. Brennan, Chairman and Chief Executive Officer of The Vanguard Group, was elected to a second term of three years.  The following three individuals also were elected: John S. Simmers, Chief Executive Officer of ING Advisors Network; Brian J. Kovack, President of Kovack Securities, Inc.; and Tyler F. Dedman, Rear Admiral (retired) of the U.S. Navy.  The terms of the four Governors begin today.

Commenting on the election Chairman Robert R. Glauber said, "I welcome our new Board and ask them to join in NASD's unrelenting commitment to investor protection and market integrity.  The strength of our Board comes from its diversity, and we look forward to working with them through the many important issues we face."

The NASD Board consists of 18 Governors, a majority of whom are from outside the securities industry.  Governors are eligible to serve up to two consecutive terms on the NASD Board.  NASD member firms voted to fill four vacancies in this year's election: two industry governorships (Simmers and Kovack), at least one of which is required by NASD's By-Laws to be filled by a representative of a regional retail or independent financial planning firm; and two seats from outside the industry (Brennan and Dedman).

In addition to those elected today, the following individuals also serve on the NASD Board of Governors:  William C. Alsover, Jr., Chairman, Centennial Securities Company, Inc.; John W. Bachmann, Senior Partner, Edward D. Jones & Company; Charles A. Bowsher, former Comptroller General of the United States; Richard F. Brueckner, Chief Executive Officer, Pershing LLC; James E. Burton, Chief Executive Officer, World Gold Council; Sir Brian Corby, Chairman (retired), Prudential Corporation plc; William H. Heyman, Vice Chairman and Chief Investment Officer, The St. Paul Travelers Companies, Inc.; Raymond A. Mason, Chairman and Chief Executive Officer, Legg Mason, Inc.; John Rutherfurd, Jr., former Chairman and Chief Executive Officer, Moody's Corporation; Joel Seligman, President, University of Rochester; and Sharon P. Smith, Visiting Fellow in the School of Industrial and Labor Relations at Cornell University.

Judith R. MacDonald, as Chair of the National Adjudicatory Council (NAC), commenced a one-year term on the NASD Board beginning January 2006.  She is Managing Director of Rothschild, Inc.

Staff Board members include:  Robert R. Glauber, NASD Chairman and Chief Executive Officer; and Mary L. Schapiro, NASD Vice Chairman and President, Regulatory Policy and Oversight.

M. LaRae Bakerink, Chief Executive Officer, WBB Securities, LLC; Kenneth M. Duberstein, Chairman and Chief Executive Officer, The Duberstein Group, Inc.; and Eugene M. Isenberg, Chairman and Chief Executive Officer, Nabors Industries, Inc. were not eligible for re-election because they have served the maximum two consecutive three-year terms. David A. DeMuro, Managing Director and Director of Global Compliance and Regulation, Lehman Brothers, Inc. lost a bid for re-election in the current election.

NASD is the leading private-sector provider of financial regulatory services, dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services.  NASD touches virtually every aspect of the securities business - from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and registered firms.  For more information, please visit our Web site at