National Association of Securities Dealers
or NASD, said Thursday that it had named Robert R. Glauber to succeed Frank G. Zarb as chief executive, and it made some other management changes as the group prepares to spin off the
Zarb will remain as NASD chairman and Nasdaq chairman and chief executive during a transition period. Glauber assumes his new post on Nov. 1.
"We are in the process of completing the restructuring of the NASD that its members approved so resoundingly in April," Zarb said in a statement, referring to the vote that approved spinning off Nasdaq in a
private placement."These appointments today set the stage for the future growth of both organizations, through outstanding leadership."
Glauber worked as a professor at
Harvard Business School
for 25 years and Under Secretary of the
Treasury for Finance
for three years before joining the NASD, the nation's biggest securities industry group, in 1996.
Glauber, 61, also served as the executive director of the task force appointed by former President Ronald Reagan to study the 1987 stock market crash. Glauber will formally begin his new job in November.
In addition, Richard G. Ketchum has been named president of the Nasdaq Stock Market. Alfred R. Berkeley, Nasdaq's current president, will become vice chairman of the Nasdaq board of directors.