NASD Head To Depart At Summer's End

Jul 28 2006 | 4:16pm ET

Robert Glauber is taking his leave of the NASD a little early. Glauber, who has headed the regulator for six years, as CEO since 2000 and chairman since 2001, had intended to leave at the end of the year, but instead will depart on Aug. 31.

"I came to the NASD six years ago with the goal of transitioning the organization away from owning markets, and focusing it solely on its regulatory mission," Glauber explained. "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 Aug. 1, NASD has succeeded in making that transformation."

Glauber will be succeeded by Mary Schapiro, currently NASD vice chairman and president of regulatory policy and oversight division. The succession was announced in January  when Glauber announced that he would step down at the end of December.

The NASD founded the Nasdaq in 1971. During Glauber's tenure, it also divested itself of the American Stock Exchange, with which it had merged in 1998.

Glauber, a former professor at Harvard University's business school and Kennedy School of Government, will return to Cambridge, Mass., as a visiting professor at Harvard Law School. He is also slated to join Freddie Mac's board of directors in September.

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