Robert Glauber, who has served as chairman and chief executive officer of the NASD for nearly six years, announced last week that he intends to retire sooner than he had originally said.
Glauber said he intends to retire on August 31 instead of the end of 2006, and he will return to Harvard where he has served as a visiting professor in its Law School. Glauber had formerly worked as a professor at the Harvard Business School and as a frequent lecturer at Harvard’s Kennedy School of Government before he moved to serve as the NASD’s CEO beginning in 2000 and its Chairman in 2001.
Glauber will be succeeded by Mary Schapiro, the NASD’s current vice chairman and president of its Regulatory Policy and Oversight Division, as previously announced in January.
“I came to NASD six years ago with the goal of transitioning the organization away from owning markets, and focusing it solely on its regulatory mission,” says Glauber. “With NASD’s recent sale of its last remaining stake in NASDAQ and with the SEC approval of NASDAQ’s request to operate as an exchange beginning August 1, NASD has succeeded in making that transformation. Leaving now will allow me to join the Board of Directors of Freddie Mac, which I anticipate doing in September, consider a couple of other corporate board opportunities, and return to Harvard a bit sooner.”
“I am extremely proud of everything the NASD team has accomplished over the last six years, in particular NASD’s vital role in rebuilding public confidence in the securities markets after the dramatic downturn in 2000,” he continues. “I know Mary will lead the organization to even greater heights during her tenure.”