The NASDAQ Stock Market 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 13 January 2006 and began to operate on 1 August 2006. NASDAQ Exchange members were required to submit votes by 26 January 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 percent 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.
Coleman is Joint Global Head of Equities at UBS Investment Bank.
Gorman is the retired Vice Chairman of The Charles Schwab Corporation and President of Schwab Institutional and Asset Management.
Glenn H. Hutchins is a founder and managing member of Silver Lake, the investment firm focused on private equity investments in the technology industry.
Thomas F. O’Neill is a founding partner of Sandler O’Neill & Partners.