NASD Vice Chairman to Become Chairman in December

January 12, 2006 ( - The NASD Board of Governors has elected Mary Schapiro to succeed Robert Glauber as NASD Chairman and Chief Executive Officer in December 2006.

“In announcing Mary’s election now, the Board of Governors is acting to ensure a smooth handover in NASD’s leadership as Bob Glauber prepares to step down late this year at the end of his current term,” said Richard Brueckner, Chief Executive Officer of Pershing LLC and Presiding Governor of NASD’s Board of Governors, in the release.

Schapiro is currently Vice Chairman and President of NASD’s Regulatory Policy and Oversight Division. She joined NASD in 1996 as President of NASD Regulation and was named Vice Chairman in 2002.

As head of NASD’s Regulatory Policy and Oversight Division, she serves as the primary regulator of 5,100 securities brokerage firms and the nearly 700,000 registered brokers who do business with the public, according to the announcement. The division is responsible for writing rules that govern the conduct of virtually all aspects of the securities industry and also has regulatory responsibility for The NASDAQ Stock Market, the American Stock Exchange and the International Stock Exchange.

Before joining NASD, Schapiro was the Chairman of the Commodity Futures Trading Commission (CFTC) – appointed by President Clinton in 1994. Prior to the CFTC, Schapiro served for six years as a Commissioner of the Securities and Exchange Commission.