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Strategies & Market Trends : NDAQ--Nasdaq Stock

NDAQ 85.48

-0.2%

Oct 31 3:59 PM EST

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To: Savant who started this subject	12/14/2002 10:51:29 AM
From: Savant	of 30

Nasdaq CEO to Step Down at End of 2003 12/13/2002 19:06:51 EST Nasdaq Chairman and Chief Executive Hardwick Simmons is stepping down in 2003 as the technology-focused stock market struggles with operations in a three-year bear market. A search for Simmons' replacement will begin in mid 2003, shortly after the Nasdaq board's March meeting, officials said Friday. He will remain in his position until a successor is named and then serve as non-executive chairman for the rest of 2003, when his contract expires. The announcement late Friday came after The New York Post reported that Simmons would be forced out by Nasdaq's board at its next meeting in January. The Post cited unnamed sources which said the board was unconvinced that Simmons was the person to "take the Nasdaq forward." In its statement, Nasdaq said the reports were "neither complete, nor presented in context." Spokeswoman Bethany Sherman declined to say whether Simmons had been asked to step down, and said he was unavailable for comment. Several board members did not return phone calls seeking comment Friday. Simmons, a former CEO of Prudential Securities, has been Nasdaq's CEO since February 2001 and chairman since September 2001. During that time, the market has dealt with falling profits while many of its stocks have dropped to pennies a share in the wake of a tech boom gone bust.

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