NEW YORK, Feb. 20, 2007 (PRIME NEWSWIRE) -- The Nasdaq Stock Market, Inc. ("NASDAQ(r)") (Nasdaq:NDAQ) today announced that its wholly owned subsidiary, The NASDAQ Stock Market LLC (the "NASDAQ Exchange") has completed it first annual election of member representative directors.
Daniel B. Coleman, Lon Gorman, Glenn H. Hutchins and Thomas F. O'Neill were elected to one-year terms. All were members of NASDAQ's Board of Directors in 2006 before the NASDAQ Exchange began to operate. The NASDAQ Exchange was registered with the Securities and Exchange Commission (SEC) as an exchange on January 13, 2006 and began to operate in that capacity on August 1, 2006. NASDAQ Exchange members were required to submit votes by January 26, 2007.
Both the NASDAQ Exchange and NASDAQ are governed by a Board of Directors. The Board of Directors of NASDAQ is elected by its stockholders.
At least 20% of the Directors of the NASDAQ Exchange are elected by a vote of members of the Exchange. The remaining Directors are selected by the Board of Directors of NASDAQ. At present, the Directors of the NASDAQ Exchange are identical to the Directors of NASDAQ. The responsibilities of the Board of Directors of the NASDAQ Exchange include oversight of the NASDAQ Exchange's self-regulatory functions and approval of changes to the rules of the NASDAQ Exchange. The background for each Director is highlighted below.
Daniel B. Coleman is Joint Global Head of Equities at UBS Investment Bank. He is a member of UBS AG's Group Managing Board, the UBS Investment Bank Management Committee as well as the UBS Investment Bank Board. He chairs the Cash Managing Board and Co-chairs the Equities Management Committee. Mr. Coleman has been with UBS Investment Bank and its predecessor firms for 20 years, serving as Head of Equities for the Americas, Head of U.S. Equities Trading, Head of Convertible Trading, Risk Manager for the Equity Derivatives Desk and Equity & Index Derivative Market Maker and Specialist where he began his career with O'Connor & Associates in 1986. Mr. Coleman sits on the Board of Directors for NASDAQ and is a former member of the Nasdaq Quality of Markets Committee. Mr. Coleman has an M.B.A. from the University of Chicago, a B.A. degree from Yale University, and is a Certified Financial Analyst.
Lon Gorman is the retired Vice Chairman of The Charles Schwab Corporation and President of Schwab Institutional and Asset Management. Schwab Institutional and Asset Management consisted of four principal business groups: Charles Schwab Capital Markets, Services for Investment Managers, Asset Management Products and Services, and Schwab Corporate Services. Together they represented over 30% of Schwab's revenues. Mr. Gorman was a member of the Executive Committee of The Charles Schwab Corporation. He served on Schwab's Global Risk Committee. Mr. Gorman joined Schwab in June 1996 following 16 years at Credit Suisse First Boston, where he was Managing Director and head of global equity trading. Prior to CSFB, he was a partner at F. Eberstadt & Co. with responsibility for institutional sales and trading. Mr. Gorman currently serves on the board of directors of The Nasdaq Stock Market, Inc. and NYFIX, Inc. (a leader in technology solutions for the financial marketplace). He served on the National Organization of Investment Professionals (NOIP) board, and was an Advisory Board member of Pace University's Lubin School of Business. He has also served as Vice Chairman of the Board of Directors of the Securities Industry Association (SIA), Co-Chairman of the SIA Market Structure Committee, and as a member of the SIA Public Trust & Confidence Committee and the New York Stock Exchange and NASDAQ Quality of Markets committees. He attended Adelphi University.
Glenn H. Hutchins is a founder and managing member of Silver Lake, the leading investment firm focused on private equity investments in the technology industry. Silver Lake seeks to achieve superior financial returns by investing with the strategic insights of an experienced industry participant, the operating advantages of a world-class manager, and the return objectives of a disciplined financial investor. He has spent his business career as a private equity investor in growth companies and large-scale buyouts. Prior to founding Silver Lake, Mr. Hutchins was a Senior Managing Director and General Partner of the Blackstone Group, L.P. ("Blackstone") and a Managing Director of Thomas H. Lee Company ("THL"). Mr. Hutchins is active in public and charitable service. Between his stints at THL and Blackstone, Mr. Hutchins served President Clinton in both the transition and the White House as a Special Advisor on economic and healthcare policy. After leaving government, Mr. Hutchins was appointed by President Clinton to chair an initiative on privatization in the former Soviet Union and by Secretary Rubin to serve on the Treasury Department's Advisory Committee on Financial Services. He is currently a member of the Advisory Council of the Hamilton Project. Mr. Hutchins is a director of the Harvard Management Company which is responsible for the management of the University's endowment. Mr. Hutchins is also a trustee of the Lawrenceville School, the Brookings Institution and the New York-Presbyterian Hospital. Mr. Hutchins is Chairman of the Board of SunGard Corp., as well as a director of The Nasdaq Stock Market, Inc. Previously, he was a director of TD Ameritrade Holding Corp., Seagate Technology, and Gartner, Inc. Mr. Hutchins holds an A.B. from Harvard College, an M.B.A. from Harvard Business School, and a J.D. from Harvard Law School.
Thomas F. O'Neill is a founding partner of Sandler O'Neill & Partners L.P. He began his Wall Street career at L.F. Rothschild in 1972. At Rothschild, Mr. O'Neill specialized in working with financial institutions in Rothschild's Bank Service Group. He was appointed Managing Director of the Bank Service Group, a group comprised of fifty-five professionals, in 1984. Mr. O'Neill joined Mr. Sandler in Bear Stearns' Financial Services Group in 1985, and became a Bear Stearns Managing Director and Co-Manager of the Group. Mr. O'Neill is a graduate of New York University and a veteran of the United States Air Force. He is also a Member of the Board of Directors of Archer Daniels Midland and Company, where he serves as Chairman of the Audit Committee.
The Nasdaq Stock Market, Inc. is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, its systems trade more shares per day than any other U.S. market. NASDAQ is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com or the NASDAQ Newsroom at http://www.nasdaq.com/newsroom/.