New York: The board of directors of Nasdaq has announced that it has named Robert Greifeld president and chief executive officer and elected him to the board.

H Furlong Baldwin, former chairman of Mercantile Bankshares Corporation and chairman of the management compensation committee of the Nasdaq Board, has been elected non-executive chairman. Both appointments are effective 12 May 2003.

Greifeld, 45, comes to Nasdaq from SunGard Data Systems Inc. With annual revenues of more than $2.5 billion, SunGard is the pioneer and leading global provider of integrated IT solutions for financial services, including transaction processing services for the financial industry, and also is a leading provider of information availability services. He serves as executive vice-president with responsibility for all of SunGard''s sell-side businesses and buy-side transaction routing businesses.

Greifeld succeeds Hardwick (Wick) Simmons as chief executive. Simmons announced in December his intention to retire in 2003 when his replacement was selected.

Baldwin, 71, served as chief executive officer of Mercantile Bankshares Corporation in Baltimore from 1976 to 2001, and in March 2003 he retired as chairman and director.

Says Baldwin: "Bob Greifeld brings a rare combination of talents to the table at a critical juncture in Nasdaq''s history. Bob is a seasoned operational manager with deep knowledge of the market and the needs of market makers and other market participants. He is eminently qualified to lead and change Nasdaq as it grapples with a rapidly evolving business landscape.

"The board believes that Nasdaq''s future depends on the kind of dynamic leadership Bob will provide. In addition to vast market expertise that will allow him to move forward quickly in his new role, he brings new energy and fresh perspective that will keep Nasdaq a strong, active marketplace and strengthen its competitive edge.

"Having branched out from his background in technology, Bob has a successful 15-year track record running efficient, for-profit businesses. He has extensive experience in both the front- and back-office aspects of the market, and has been an innovator, creating one of the earliest electronic communications networks [ECNs]. Greifeld is also familiar with the regulatory landscape and the relationships required to guide the organisation within the rules of the markets."

Says Greifeld: "I am pleased to be joining Nasdaq at this exciting time in its development, as it continues to transition to a publicly traded, for-profit enterprise. I look forward to working with the experienced Nasdaq management and staff and particularly with the 3,600 companies who make Nasdaq their home. Nasdaq is the largest all-electronic stock market in the world. It is the stock market of the future."