NEW YORK Hardwick Simmons has been named chief executive officer of the Nasdaq Stock Market, the National Association of Securities Dealers said Friday.
Mr. Simmons, 60, recently retired as chief executive officer of Prudential Securities. He will take up his position at Nasdaq on Feb. 1, succeeding Frank Zarb, who will stay on as chairman of the Nasdaq for up to one year. The NASD also said it named Richard G. Ketchum, president of the Nasdaq market, to the additional role of deputy chairman.
Nasdaq is a subsidiary of NASD, the largest self-regulated organization in the securities industry. The market is preparing to convert to a private, for-profit entity next year and may eventually offer ownership shares to the public. Mr. Zarb said in a statement that Mr. Simmons is a great choice to lead Nasdaq as it transitions to an independent investor-owned company.
Mr. Simmons quit Prudential Securities in October after failing to convince the firms parent company, Prudential Insurance Co. of America, to spin it off. American Banker reported last month that Prudential Securities was considering whether to shut down its investment banking operations.