Business

Nasdaq CEO Bob Greifeld Will Likely Announce Co-President Adena Friedman To COO

FOX Business Network’s (FBN) Charlie Gasparino reports that “Nasdaq OMX chief executive Bob Greifeld is planning a management overhaul that will both set the stage for his retirement, and for the first woman to run a major US stock market.” Gasparino went on to say, “Greifeld has told Wall Street executives he is likely to announce that Nasdaq’s co-president Adena Friedman will take on the newly created role of chief operating officer” and that it’s “a move market insiders say Greifeld is making to clear Friedman’s path to run the Nasdaq when he retires.”

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Nasdaq CEO Bob Greifeld Will Likely Announce Co-President Adena Friedman To COO

On the Nasdaq planning a management overhaul:

“Nasdaq OMX chief executive Bob Greifeld is planning a management overhaul that will both set the stage for his retirement, and for the first woman to run a major US stock market, the Fox Business Network has learned.”

On Nasdaq’s co-president Adena Friedman taking on a new role as chief operating officer:

“Greifeld has told Wall Street executives he is likely to announce that Nasdaq’s co-president Adena Friedman will take on the newly created role of chief operating officer–a move market insiders say Greifeld is making to clear Friedman’s path to run the Nasdaq when he retires, people with direct knowledge of the matter say. Under the plan, which has not been finalized, Friedman will maintain her current role as president. If all goes according to plan, an announcement of the management shakeup is likely in the coming weeks, these people add.  A spokesman for the Nasdaq declined to comment.”

On Bob Greifeld’s contract ending in 2017:

“Greifeld’s contract ends in 2017, and he has indicated to Nasdaq’s board that he plans to step down from the CEO post at time, these people add. He has been CEO of the Nasdaq since 2003, and has guided the stock exchange through some turbulent times as vast changes swept through the securities markets. (Friedman) being named COO certainly lays the clear indications that she will be leading the company when Greifeld retires,” said Richard Repetto, an analyst for Sandler O’Neill & Partners. “She’s been an effective manager and has seen many different facets of Nasdaq in her different roles there. Repetto says Friedman’s appointment to CEO would also be historic; No women has ever run a major US stock exchange, in fact no woman has ever held the CEO title at a major Wall Street firm even as many banks take efforts to bring more women into top executive jobs. ‘This would be a first, no doubt,’ Repetto said.”

On Bob Greifeld naming a successor:

“But Greifeld has so far been reticent about naming a successor; both Friedman, and Hans-Ole Jachumsen share the title of president and report to the CEO. The move to name Friedman COO with responsibility for all operations of the company would be the first official sign that Greifeld considers Friedman next in line for his job, according to people with direct knowledge of the matter. In her role as president and COO, Friedman would be Greifel’s No. 2 executive, controlling all of Nasdaq’s various operations, not just the its listings, information services units that she now controls. Jachumsen, who runs Nasdaq’s global trading and market services will likely stay with the company and report to Friedman. People close to the Nasdaq say while the top job is Friedman’s to lose, she hasn’t been guaranteed the CEO spot. “She still has to show the board that she can run the company, which is why Bob is giving her this new title,” said one person with knowledge of the pending management change.”