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Tim Quast
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We're All HFTs Now

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March 1, 1998

Ketchum Named NASD President

By Staff Reports

Rick Ketchum, chief operating officer of the National Association of Securities Dealers, has been named president of the association, a title previously held by NASD Chairman and Chief Executive Officer Frank Zarb. In his new post, he will be responsible for a broad range of NASD operations, while continuing in his role as COO, the NASD said in a statement. Ketchum will report to Zarb.

The NASD said that Ketchum will work closely with NASD subsidiaries in the development and formulation of legal, regulatory and market policies, as well as international initiatives. Ketchum joined the NASD from the Securities and Exchange Commission as executive vice president in 1991, and was appointed COO in 1993.

In a related appointment, Salvatore Sodano was named deputy COO. He will continue in his role as NASD chief financial officer.

Separately, John Hilley was appointed executive vice president for strategic development at the NASD, a newly-created post. He will work closely with the NASD's Office of the Chairman, and oversee corporate strategy and planning. He will also oversee state, federal and international government relations. Prior to joining the NASD, Hilley served at the White House as a senior advisor to the President.