Former Prudential CEO Named Nasdaq Chief

The Nasdaq Stock Market on Friday named former Prudential Securities Chief Executive Hardwick Simmons as its chief executive, replacing Frank Zarb, who will continue as chairman.

Simmons, 60, takes the helm as Nasdaq, the second-largest U.S. stock market, prepares to become a private, for-profit company in the next few months. It plans to make an initial public offering by the third quarter of next year, Simmons said Friday.

Industry experts said Simmons’ experience at Prudential and, earlier, at Shearson Lehman Bros. Inc., makes him well-suited for the Nasdaq post.

“His industry experience, strategic abilities, marketing talent and universal acceptance make him just about an ideal candidate for such a job,” Securities and Exchange Commission Chairman Arthur Levitt said.

Nasdaq, like the rival New York Stock Exchange and other U.S. securities markets, is overseen by the SEC.

Simmons will start in his new post Feb. 1.