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Nasdaq Stock Market

named the former head of

Prudential Securities

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, Hardwick Simmons, as its next chief executive.

The stock market said Simmons, 60, who has been president and CEO of Prudential since 1991, will assume the position on Feb. 1 when Frank Zarb officially steps down. Zarb will remain chairman for up to a year.

Nasdaq also named Richard Ketchum as deputy chairman, in addition to his post as president.