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Nasdaq Names a New Chief Executive: Adena Friedman

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Adena Friedman will become one of the highest-ranking women executives in the finance world at a time of consolidation and rapid changeover in technology.CreditCredit...CNBC

Nasdaq on Monday named Adena T. Friedman its new chief executive, in the first changeover at the stock market operator in nearly 14 years.

Ms. Friedman, whose accession was widely anticipated, is expected to assume the role on Jan. 1. Her predecessor, Robert Greifeld, will become chairman of the company’s board, replacing Borje Ekholm.

For Ms. Friedman, 47, the promotion comes at a time of consolidation within the world of market operators and of rapid changeover in technology. Under Mr. Greifeld, Nasdaq expanded from a single stock exchange to a global markets operator that now trades stocks and options, including through acquisitions of counterparts, like OMX of Sweden, in the United States and abroad.

Other market operators have not stood still: The New York Stock Exchange, Nasdaq’s longtime rival, sold itself to the Intercontinental Exchange four years ago, and the London Stock Exchange and Deutsche Börse of Germany are trying to forge their own merger.

In an interview, Ms. Friedman said that her job as chief executive would be to keep Nasdaq on top of the shifting landscape.

“Nasdaq today is a world-class market operator and technology leader,” she said.

Since joining Nasdaq in 1993, Ms. Friedman has rose steadily through the company; she has served as the head of data products and as chief financial officer. Her career took a different path in 2011 when she joined the investment firm Carlyle Group as its chief financial officer, ahead of its initial public offering — on the Nasdaq market.

Ms. Friedman rejoined Nasdaq two years ago as president and heir apparent to Mr. Greifeld. She added the title of chief operating officer in December.

The timing of her promotion was not a surprise to analysts: Mr. Greifeld’s contract was set to expire in February, and the market operator’s board had long been working on a succession plan.

“I’ve had the opportunity to watch Adena grow and develop over the last 14 years, and can confidently say she is the right person for this role and is unquestionably as passionate about the company’s future as I am,” Mr. Greifeld said in a statement. “Adena has played an instrumental role in building this organization into one of the most innovative leaders, with a tremendous disruptive spirit. I know she will do exceptionally well for clients, shareholders and employees.”

Ms. Friedman will also become one of the highest-ranking women executives in the finance world.

“I have been measured on my merit and on my accomplishments,” she said, adding that she hoped other women would see Wall Street as becoming more inclusive.

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