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December 1, 1998

Search Committee Looking for New STA President

By Jeffrey L. Winograd

The Security Traders Association is embarking on a search for a new president to head up the 7,500-member global organization.

An STA search committee is anxiously looking for a successor for John Tognino, who recently accepted a newly-created post as executive vice president of global sales and member affairs at the Nasdaq-Amex Market Group. Tognino, who is 60, will assume his new duties on January 25.

"We have to be time-sensitive," said search-committee member and STA Chairman Art Kearney. "If there is a gap [in filling the position], it would be tough for the STA."

Tognino's departure, widely reported last month, has shaken if not stunned some STA members, who gave him high marks for promoting several major initiatives on the regulatory, educational and organizational fronts. There was an immediate fear that some of that momentum could be lost if an effective new leader is not found soon.

"John has accomplished in two years what it would take others ten years to achieve. Here in Washington he has given the organization a strong presence," said an industry source in Washington.


The trading community has been swirling with rumors of potential candidates on the short list for the top STA post. Among them is the head of equity trading at a major New York-based third-market broker dealer who is expected to retire soon from the firm.

The STA's seven-member search committee includes John Giesea of Hartford-based Advest; Richard Gunter of Los Angeles-based Wedbush Morgan Securities; Dennis Marino of New York-based National Discount Brokers; Arthur Pacheco of New York-based STRIKE Technologies; Hedi Reynolds of Memphis-based Morgan Keegan & Co.; and outgoing STA President John Tognino.

The committee is understood to have several potential candidates already under consideration.

For his part, Tognino has vowed to help the STA during the period of transition.

"If for some reason a new president is not in office by the time I leave, I will be available for whatever guidance, counsel and leadership I'll be asked for," he said.

Tognino, who will be based in New York for the Nasdaq-Amex Market Group, will lead efforts to attract issuers to both Nasdaq and the American Stock Exchange.

He will be responsible for implementing a national and international sales program to service current issuers and to obtain new listings. He will also lead a unit to forge bonds between Nasdaq and Amex members.


Tognino entered the securities industry in 1957, joining brokerage- industry giant Merrill Lynch & Co., where he served as managing director of global equities, managing director of international equities and managing director of unlisted trading.

Most of his career was spent at Merrill Lynch. He was based in London for Merrill Lynch from 1988 to 1991.

Before joining the STA, Tognino was an executive vice president at San Francisco-based Charles Schwab & Co.

Frank Zarb, chairman and chief executive of the National Association of Securities Dealers and the Nasdaq-Amex Market Group, said Tognino was chosen as part of the NASD's effort to "provide leadership in developing the marketplace for the future."

Tognino will report directly to Zarb, and be part of the Office of the Chairman of the NASD. He will also work closely with Richard Ketchum, president of the NASD; Alfred Berkeley, president of Nasdaq; Richard Syron, chairman of the AMEX; and J. Patrick Campbell, chief operating officer of Nasdaq. He will also work with the Office of Issuer Services and the Issuer Affairs Committee of the Nasdaq and AMEX boards of directors.