NEW YORK, Feb. 19, 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 and Member of the UBS Investment Bank Management Committee. Mr. Coleman has been with UBS Investment Bank and its predecessor firms for 19 years 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 is a member of the firm's Global Equities Business Committee, the U.S. Equities Business Committee and is a member of the UBS Investment Bank Board. Mr. Coleman sits on the Board of Directors for The Options Clearing Corporation and is a former member of the Nasdaq Quality of Markets Committee. Mr. Coleman has a M.B.A. from the University of Chicago and holds a B.A. degree from Yale University. Mr. Coleman is a Certified Financial Analyst.
Lon Gorman is the retired Vice Chairman of The Charles Schwab Corporation. He was responsible for overseeing Schwab Capital Markets L.P. (SCMLP), Schwab's NASDAQ market making subsidiary, institutional brokerage and research, fixed income sales and trading, options trading, and the regional specialist business, as well as routing decisions for all Schwab order flow. In addition, Mr. Gorman was responsible for Schwab's Asset Management Products and Services (AMPS) Enterprise, which included Schwab's $250 billion asset management business including Charles Schwab Investment Management, Inc., Schwab's money management division, the Mutual Fund OneSource and Mutual Fund MarketPlace programs; the Managed Accounts division; Insurance and Annuity Services; and Mutual Fund Clearing Services. Mr. Gorman was a member of the Executive Committee of the Charles Schwab Corporation, Chairman and Chief Executive Officer of SCMLP and Co-Chairman of Aitken Campbell, a United Kingdom-based market maker. Mr. Gorman joined Schwab in June 1996. Mr. Gorman attended Adelphi University.
Glenn H. Hutchins is a co-founder of Silver Lake and a Managing Director. 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"). At Blackstone, he was a senior member of investment teams and served on the firm's Investment Committee, which was responsible for all capital commitments made by Blackstone's second and third merchant banking funds. Prior to joining Blackstone, he was a Managing Director of Thomas H. Lee Company ("THL"). Mr. Hutchins joined THL in 1985 and, over the next decade, assisted Mr. Lee both in building the firm and in assembling its investment track record. 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.
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/.
CONTACT: The Nasdaq Stock Market, Inc. Wayne Lee (301) 978-4875
In This StoryNDAQ
Nasdaq Press Center
Read the latest press releases, request a press kit, and get in touch with our press team.