(Adds detail on succession process)
May 12 Nasdaq OMX Group Inc said on
Monday it had hired back Adena Friedman as a co-president, a
move that according to Friedman's former boss puts her in a lead
position to run the company.
The transatlantic exchange operator has been working for
months to figure out who will succeed its chief executive,
Robert Greifeld. Friedman, who left Nasdaq in 2011 to become
chief financial officer of private equity firm Carlyle Group LP,
is one of the candidates on the list, Reuters reported
The urgency of succession planning first hit the board when
Friedman left. Greifeld had been positioning Friedman as his
successor, and her departure put a spotlight on the lack of
depth in the management bench that remained.
Since then, Nasdaq has endured multiple calamities that have
raised further questions among investors about the company's
succession plan. Last August, trading on all Nasdaq stocks was
halted for three hours due to a glitch in a data processing
system run by the exchange operator.
In 2012, Nasdaq botched Facebook Inc's market debut,
eventually agreeing to pay up to $41.6 million to firms harmed
in the IPO and a $10 million fine to regulators.
Insiders have told Reuters that Greifeld, who is in his
mid-50s, has no immediate plans to retire. He signed a five-year
contract in 2012.
Nasdaq said on Monday that Friedman will be president of
global corporate, information, and technology solutions. The
company also named Hans-Ole Jochumsen, currently an executive
vice president, as president of global trading and market
Carlyle's co-founder co-CEO David Rubenstein said in a
statement, "We are sad to see Adena go but understand this is a
once-in-a-lifetime opportunity for her to serve as their
president and to be the leading candidate to some day run
Eric Noll, previously seen as the top internal candidate to
replace Greifeld, left Nasdaq OMX Group in November to become
president and chief executive of brokerage ConvergEx. [ID:
Carlyle chief accounting officer Curt Buser, a former Ernst
& Young LLP audit partner, will replace Friedman on an interim
basis until her successor is named, Carlyle said.
(Reporting by Ankush Sharma in Bangalore and Greg Roumeliotis
and Dan Wilchins in New York; editing by Sofina Mirza-Reid and