Zarb Expected To Be Named NASD Chief
The National Association of Securities Dealers is expected today to name longtime Wall Street executive and former U.S. energy director Frank G. Zarb as president and chief executive.</br></br>The appointment caps a longer-than-expected search for a leader of the NASD, during which several candidates declined to be considered for the high-profile but much-altered post.</br></br>Mr. Zarb, identified as the leading candidate for the post two weeks ago, succeeds Joseph R. Hardiman, who is retiring Friday after 10 years at the helm. The NASD is the parent of the Nasdaq Stock Market, the main market for small stocks, though also home for such big-capitalization stocks as Microsoft and Intel.</br></br>Late yesterday, the NASD board was expected to vote in favor of Mr. Zarb's appointment and announce the decision at today's board meeting at the Inn at Spanish Bay in Pebble Beach, Calif.</br></br>Mr. Zarb, 61 years old, is the departing chairman of Alexander & Alexander Services, an insurance-brokerage firm that is being acquired by Aon. He was formerly chairman at Travelers Group's Smith Barney Inc.; a vice chairman at Travelers; and was President Ford's energy director from 1974 to 1977.