Howard L. Clark Jr. has been nominated chairman of the Securities Industry Association for 1994, the group said.

Clark, a vice chairman of Lehman Brothers and formerly chairman-elect of the securities group, will succeed Thomas M. O'Donnell. O'Donnell is chairman of McDonald & Co. Investments and McDonald & Co. Securities in Cleveland.

John L. Steffens, an executive vice president of the private client group at Merrill Lynch & Co., was nominated as chairman-elect.

Clark and Steffens are expected to be confirmed in their SIA posts at the group's annual convention, Dec. 1-4 in Boca Raton, Fla.

Clark became an SIA director in 1992. He was named vice chairman of Lehman Brothers earlier this year. He was chairman and chief executive officer of Shearson Lehman Brothers from February 1990 until February 1993. Before that, Clark was executive vice president and chief financial officer of the American Express Co.

Steffens became an SIA vice chairman in 1990 and has been chairman or co-chairman of the group's tax policy committee since 1989.

Steffens was named executive vice president of Merrill Lynch's private client group in 1990. Previously, he was president of Merrill Lynch Consumer Markets.

The SIA is a trade association representing about 700 securities brokerage and investment banking firms in the United States and Canada.

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