NEW YORK (AP) _ The Nasdaq Stock Market named Hardwick Simmons, former head of Prudential Securities, as its new chief executive Friday.
Simmons is replacing Frank G. Zarb, who will step down as CEO next February, though he plans to remain chairman for up to a year.
The board of the National Association of Securities Dealers, which runs the Nasdaq, also appointed Richard Ketchum as deputy chairman. Ketchum will continue in his position as president.
The appointment is the latest in a series of changes as the stock market prepares to be spun off as a for-profit business from the NASD.
″(Simmons) is a great choice to lead Nasdaq as it transitions to an independent, investor-owned company,″ Zarb said in a statement announcing the moves. ``Today’s appointments complete the executive management team to implement the restructuring of the NASD and the Nasdaq Stock Market.″.
Simmons, 60, recently retired from Prudential, where he had served since 1991 as president and CEO.