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In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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December 1, 2000

Zarb Gets a Vote of Confidence

By William Hoffman

Frank Zarb is staying put as Nasdaq chairman and chief executive. His new contract with the NASD allows him to stay on the job until Feb. 2002.

Arvin Sodhani, an NASD board member and Intel Corp. treasurer cited Nasdaq's expansions into Europe and Japan, as well as the second phase of the Nasdaq private placement, as reasons why the NASD extended the contract.

An NASD spokesperson said Zarb might choose to leave Nasdaq before the end of his Feb. 2002 contract, after a new chief executive is settled in, the private placement is completed, and the disposition of the SuperMontage is decided.

Now the question is, who would replace Zarb? The extension gives Sodhani's NASD search committee an extra 12 months to find Zarb's replacement at Nasdaq.

In a statement Sodhani said, "The work of the search committee continues and a number of excellent candidates have been identified." No candidates were mentioned by name.

The NASD spokesperson said, "Having someone work with Frank in that job could be a very smooth way" to introduce a new Nasdaq chief executive to Zarb's extensive network of contacts in the securities industry.

The effect of the contract extension on Zarb's pay or duties is unknown. The ascension on Nov. 1 of Robert Glauber to NASD president and chief executive lightened Zarb's load.