NEW YORK—The Federal Reserve Bank of New York announced that Adena T. Friedman, president and chief executive officer of Nasdaq, Inc., has been elected a Class B director representing Group 2 which consists of banks with capital and surplus between $40 million and $2 billion. Ms. Friedman will fill the unexpired portion of David Cote’s term that ends December 31, 2019.
Ms. Friedman has over 20 years of industry leadership and experience. Prior to her appointment as chief executive officer, Ms. Friedman served as president and chief operating officer of Nasdaq and was responsible for overseeing all of the company’s business segments with a focus on driving efficiency, product development, growth and expansion.
She rejoined Nasdaq in 2014 as president to oversee the technology, information, and corporate businesses that comprised over two-thirds of Nasdaq’s revenues. Prior to that, she served as chief financial officer and managing director of The Carlyle Group.
Before the Carlyle Group, she was a key member of Nasdaq’s management team for over a decade, serving in a variety of roles including head of the company’s data products business, head of corporate strategy, as well its Chief Financial Officer. She played an instrumental role in the company’s acquisition strategy, overseeing the acquisitions of INET, OMX, and the Philadelphia and Boston Exchanges. Ms. Friedman originally joined Nasdaq in 1993.
Ms. Friedman earned an M.B.A. from Owen Graduate School of Management, Vanderbilt University, in Nashville, Tennessee. She holds a B.A. in political science from Williams College in Massachusetts.
About the Reserve Banks’ Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.