Robert Leahy has been appointed senior vice-president of corporate
communications at the National Association of Securities Dealers, parent
of the world’s second largest stock market, Nasdaq.
The appointment comes nearly a year after NASD was censured by the
Securities and Exchange Commission for failing to discharge its
obligations as a self-regulatory organisation. NASD failed to take
appropriate action against anti-competitive activities in the Nasdaq
stock market, the commission ruled.
With the exception of advertising, Leahy will oversee all global
communications for the association’s two subsidiaries, NASD Regulation
(which regulates brokers and their firms) and Nasdaq (which is a
computerised exchange with no central dealing floor).
Leahy joined last month from US newsprint manufacturer Bowater
Incorporated, where he was vice-president of corporate relations from
1993. He is overseeing a restructure of the in-house communications team
and plans to instigate a global review of the work farmed out to
agencies.
Leahy said: ’Part of my feeling is that some of this work can be done
in-house.’
There are 44 in-house communications people at NASD headquarters in
Washington DC. The association has retained Burson-Marsteller for US and
international work, according to Leahy. Nasdaq also has a network of
agencies in Europe.
It retains Citigate in the UK, Information et Entreprise in France, Wirz
in Switzerland and Gavin Anderson and Co in Germany.
Ogilvy Adams and Rinehart’s UK office manage these agencies for Nasdaq
on a day to day basis.
