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FINRA

 

For Release:
Contact:
Thursday, October 9, 1997
Robert D. Leahy - (202) 728-8933
Reid Walker - (202) 728-8243


NASD Board of Governors Approves 1998 Board Nominees

Washington, D.C.-- The National Association of Securities Dealers, Inc. (NASD) Board of Governors today announced approval of nominations received from its Nominating Committee to serve on a new NASD, Inc. Board of Governors. NASD’s new Board of Governors will subsequently elect members of the new boards of The Nasdaq Stock Market, Inc. and NASD Regulation, Inc. Under the proposed boards structure announced June 26, several members of NASD’s Board of Governors will also serve as members of the NASD Regulation, Inc. and The Nasdaq Stock Market, Inc. boards.

 

The 27 members of the new NASD, Inc. Board of Governors will consist of 9 industry, 14 non-industry and 4 NASD staff members. Industry members consist of:

 

  • Herbert M. Allison, President and COO, Merrill Lynch & Co., Inc.
  • Frank E. Baxter, Chairman and CEO, Jefferies Group, Inc.
  • Richard F. Brueckner, Managing Director, Pershing Division of Donaldson, Lufkin & Jenrette, Inc.
  • E. David Coolidge, CEO, William Blair & Co., L.L.C.
  • Jon S. Corzine, Chairman and CEO, Goldman, Sachs & Co.
  • James Dimon, Chairman and CEO, Smith Barney Inc.
  • Donald B. Marron, Chairman and CEO, PaineWebber Group Inc.
  • Todd A. Robinson, Chairman and CEO, Linsco/Private Ledger Corp.
  • Kenneth J. Wessels, CEO, Wessels, Arnold and Henderson, L.L.C.

Non-industry members include:

  • Nancy Kassebaum Baker, Former United States Senator
  • Michael W. Brown, Retiring Chief Financial Officer, Microsoft Corporation
  • Elaine L. Chao, Distinguished Fellow, The Heritage Foundation
  • Robert R. Glauber, Adjunct Lecturer, Center for Business and Government, Harvard University
  • Harry P. Kamen, Chairman, President and CEO, Metropolitan Life Insurance Co.
  • Donald J. Kirk, Executive-in-Residence, Columbia University, Graduate School of Business
  • Philip R. Lochner, Senior Vice President, Time Warner, Inc.
  • Bridget A. Macaskill, President and CEO, Oppenheimer Funds, Inc.
  • Paul H. O’Neill, Chairman and CEO, ALCOA
  • James S. Riepe, Vice Chairman, T. Rowe Price Associates, Inc.
  • James F. Rothenberg, President and Director, Capital Research and Management Co.
  • Howard Schultz, Chairman and CEO, Starbucks Coffee Company
  • Arvind Sodhani, Vice President and Treasurer, Intel Corporation

NASD staff Board members include:

  • Frank G. Zarb, Chairman, CEO and President, NASD, Inc.
  • Richard G. Ketchum, Chief Operating Officer and Executive Vice President, NASD, Inc.
  • Alfred R. Berkeley, III, President, The Nasdaq Stock Market, Inc.
  • Mary L. Schapiro, President, NASD Regulation, Inc.

Individuals having not previously served in a board capacity include Messrs. Allison, Baxter, Kamen, Marron, O’Neill and Schultz.

 

Board terms will be staggered. Serving January 1998-January 1999 will be Richard Brueckner (NAC)1, Elaine Chao, E. David Coolidge, Jamie Dimon, Donald Kirk, Bridget Macaskill, John Markese, and James Rothenberg.

 

Serving January 1998-January 2000 will be Nancy Baker, Jon Corzine, Robert Glauber, Philip Lochner, Arvind Sodhani, and Kenneth Wessels.

 

Serving January 1998-January 2001 will be Herbert Allison, Frank Baxter, Michael Brown, Harry Kamen, Donald Marron, Paul O’Neill, James Riepe, Todd Robinson, and Howard Schultz.

 

Later this month, the Board restructuring initiative will be submitted to NASD members for approval. The membership will then have 30 days in which to cast their ballots. Pending approval of the restructuring initiative, the National Nominating Committee and the Board of Governors nominees will be presented to NASD members for approval at the NASD’s annual meeting expected to be held as soon as approval of the restructuring proposal permits.

 

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 the investor.

 

1 Appointed based on National Adjudicatory Council chairmanship (1998-99).