Former Chairmen of the Board of Governors

B. Howell Griswold, Jr.
Alex, Brown & Sons, Baltimore, MD

1939

Francis A. Bonner
Blair, Bonner & Company, Chicago, IL

1940

Robert W. Baird
The Wisconsin Company, Milwaukee, WI

1941

H. H. Dewar
Dewar, Robertson & Pancoast, San Antonio, TX

1942

Henry G. Riter, 3rd
Riter & Co., New York, NY

1943

Ralph Chapman
Farwell, Chapman & Co., Chicago, IL

1944

Ralph E. Phillips
Dean Witter & Co., Los Angeles, CA

1945

William K. Barclay, Jr.
Stein Bros. & Boyce, Philadelphia, PA

1946

Herbert F. Boynton
H. F. Boynton & Co., Inc., New York, NY

1947

L. Raymond Billett
McCormick & Co., Chicago, IL

1948

Clement A. Evans
Clement A. Evans & Company, Inc., Atlanta, GA

1949

John J. Sullivan
Bosworth, Sullivan & Company, Denver, CO

1950

Howard E. Buhse
Hornblower & Weeks, Chicago, IL

1951

Clarence A. Bickel
Robert W. Baird & Co., Milwaukee, WI

1952

Carl Stolleg
A. Saxton & Co., Inc., New York, NY

1953

Edward C. George
Harriman Ripley & Co., Inc., Chicago, IL

1954

Harold E. Wood
Harold E. Wood & Company, St. Paul, MN

1955

Frank H. Hunter
McKelvy & Company, Pittsburgh, PA

1956

Frank L. Reissner
Indianapolis Bond and Share Corporation, Indianapolis, IN

1957

Charles L. Bergmann
R.W. Pressprich & Co., New York, NY

1958

Alexander Yearley, IV
The Robinson-Humphrey Company, Inc., Atlanta, GA

1959

Glenn E. Anderson
Carolina Securities Corporation, Raleigh, NC

1960

William H. Claflin, III
Tucker, Anthony & R.L. Day, Boston, MA

1961

Avery Rockefeller, Jr.
Dominick & Dominick, New York, NY

1962

Merrill M. Cohen
J.M. Dain & Co., Inc., Minneapolis, MN

1963

Hudson B. Lemkau
Morgan Stanley & Co., New York, NY

1963

Robert W. Haack
Robert W. Baird & Co., Incorporated, Milwaukee, WI

1964

Robert R. Miller
Hornblower & Weeks-Hemphill, Noyes, Los Angeles, CA

1964

G. Shelby Friedrichs
Howard, Weil, Labouisse, Friedrichs and Company,
New Orleans, LA

1965

Allan C. Eustis, Jr.
Spencer Trask & Co., New York, NY

1966

Robert M. Gardiner
Reynolds & Co., New York, NY

1967

Phil E. Pearce
G. H. Crawford Co., Inc., Columbia, SC

1968

Kenneth H. Sayre
Irving Lundborg & Co., San Francisco, CA

1969

Gordon L. Teach
Shearson, Hammill & Co., Inc., Chicago, IL

1970

J. Coleman Budd
The Robinson-Humphrey Company, Inc., Atlanta, GA

1971

Peter C. Barnes
H.O. Peet & Co., Inc., Kansas City, MO

1972

J. Logan Burke, Jr.
W.E. Hutton & Co., New York, NY

1973

David R. Murphey, III
The Pierce, Wulbern, Murphey Corporation, Tampa, FL

1974

Raymond A. Mason
First Regional Securities Inc., Washington, DC

1975

Robert W. Swinarton
Dean Witter & Co. Incorporated, New York, NY

1976

Eugene Arnold, Jr.
Hopper Soliday & Co., Inc., Philadelphia, PA

1977

David W. Mesker
A. G. Edwards & Sons, Inc., St. Louis, MO

1978

J. Stephen Putnam
F. L. Putnam & Company, Inc., Boston, MA

1979

James F. Keegan
Morgan Keegan & Company, Inc., Memphis, TN

1980

L. C. Petersen
Kirkpatrick, Pettis, Smith, Polian, Inc., Omaha, NE

1981

Ernest F. Rice, Jr.
Blunt Ellis & Loewi Incorporated, Milwaukee, WI

1982

Norman T. Wilde, Jr.
Janney Montgomery Scott, Inc., Philadelphia, PA

1983

Carl P. Sherr
Carl P. Sherr & Co., Worcester, MA

1984

Peter D. Byrne
Dean Witter Reynolds, Inc.

1985

David W. Hunter
Parker/Hunter Incorporated, Pittsburgh, PA

1986

Joseph R. Hardiman
Alex, Brown & Sons Incorporated, Baltimore, MD

1987

James M. Davin
Drexel Burnham Lambert Incorporated, New York, NY

1987

Stephen L. Hammerman
Merrill Lynch World Headquarters, New York, NY

1988

William L. Tedford, Jr.
Stephens, Inc., Little Rock, AR

1989

Kenneth J. Wessels
Wessels, Arnold & Henderson, L.P., Minneapolis, MN

1990

William B. Summers, Jr.
McDonald & Company Securities, Inc., Cleveland, OH

1991

Charles B. Johnson
Franklin Distributors, Inc., San Mateo, CA

1992

Fredric M. Roberts
F.M. Roberts & Co., Los Angeles, CA

1993

Joseph J. Grano, Jr.
PaineWebber, New York, NY

1994

Ian B. Davidson
D. A. Davidson & Company, Great Falls, MT

1995

Mary Alice Brophy
Dain Bosworth Incorporated, Minneapolis, MN

January - April 1996

Daniel P. Tully
Merrill Lynch & Co., Inc., New York, NY

April 1996 – April 1997

Frank G. Zarb
National Association of Securities Dealers, Inc.

April 1997 – September 2001

Robert R. Glauber
NASD

September 2001 – September 2006

Mary L. Schapiro
NASD

September 2006 – January 2009

Richard G. Ketchum
FINRA

March 2009 – August 2016

John J. Brennan
The Vanguard Group, Inc.