NASDAQ Board Faces Changes as Two of its Vice Chairmen Steps Down

Nasdaq - Vice ChairmanAmerican Stock Exchange operator NASDAQ, Inc set to see changes to its board as two of its long serving executive steps down from his senior level managerial role. As per the update released by the firm, its current Vice Chairman Meyer Sandy Frucher and Bruce E.Aust are resigning from their current designations at end of 2019. However, Mr. Frucher is not fully parting ways with the firm and will instead be taking on the role of the firm’s Strategic Advisor effective from 1st January 2020. Meyer has been serving in the role of Vice Chairman of NASDAQ for 11 years and four months now having joined the firm back in July of 2008. In his role as Vice Chairman, he is responsible for global exchange relationships, as well as advising NASDAQ’s senior management team on a broad range of industry and regulatory issues, in particular being a leading voice in the company’s commitment to sustainability. Mr. Frucher began his term at the firm when it acquired Philadelphia Stock Exchange in which he had been serving as its Chief Executive Officer and Chairman since June of 1998 bringing his total tenure with firm two nearly 21 years.

Furcher was instrumental in restricting of PHLX into a for profit firm and played a great role in its successful growth to one of leading technology and product innovator among U.S. marketplaces before its acquisition by NASDAQ. Speaking about his new role at the firm, Mr. Frucher said, “When I joined Nasdaq as Vice Chairman when PHLX was acquired over 11 years ago, the company was known as a major exchange operator with a significant US focus. Since then, Nasdaq has transformed into a technology powerhouse that not only builds marketplaces around the world, but also important relationships as well. It’s been a sincere honor of mine to personally be involved in this transformation by helping to expand the company’s footprint globally, and build long-lasting relationships for the betterment, not only of Nasdaq, but of our exchange industry”. Unlike Mr. Frucher who is taking on an advisory role at the firm, Mr. Bruce E. Aust is resigning from his role while fully terminating his ties with the firm.

Bruce is another long standing executive at the firm having remained a part of NASDAQ for 21 year now and is well revered in the firm for his contributions during his term as Executive Vice President of Global Listing from 2003 to 2014. As the EVP of Global Listing which he played a major role is listing of many of the exchange’s most valued firms also known as highest profile listing (IPO’s) given the fact that the exchange saw debut of several major tech, F&B and investment firms which currently serve as identity of respective industries. He also pioneered the firm’s pursuit of listing transfers from NYSE which greatly helped increase the diversity of industries traded in NASDAQ. Some of the most famous firms which listed during his term as EVP of Global Listing include – Google, Facebook, Tesla, Virgin America, Lululemon Athletica, Dunkin’ Brands, The Carlyle Group,, and MercadoLibre. Some of the most notable firms which transferred from NYSE to NASDAQ include – PepsiCo, Walgreens Boots Alliance, American Airlines, United Airlines, Marriott, TD Ameritrade, Willis Towers Watson, Viacom, and T-Mobile US.

Commenting on Bruce’s departure from the firm, Adena Friedman, President and CEO of Nasdaq said, “Bruce’s vision and leadership helped transform our offering to corporate clients and redefined what it means to be a Nasdaq-listed company through the addition of services aimed to assist clients as they navigate the capital markets. Bruce is widely regarded and respected for establishing deep relationships with an unmatched global network of CEOs, policymakers, venture capital firms, and entrepreneurs. We are grateful for his lasting contributions and wish him the very best.” Adena also stated, “Sandy has played an essential role in NASDAQ’s evolution as a major market operator into becoming a world renowned technology company.  Through his steadfast commitment over the years, we have truly expanded our relationships and partners across six continents and, in particular, significantly grown our Market Technology business revenues and market infrastructure operator client base. I’m pleased that he will continue in his new role in working with NASDAQ and look forward to our future relationship ahead” when speaking about Sandy’s new role at the firm.