Adena T. Friedman
Chair and CEO at NNasdaq Inc
Board
Since January 1, 2017
Age
54 years
Education
Holds a Bachelor's degree in Political Science from Williams College and an MBA from Vanderbilt University's Owen Graduate School of Management.
Tenure
Has been associated with Nasdaq for over 31 years, serving in roles such as CFO, President, President and COO, CEO (since 01-01-2017), and Chair (since 01-01-2023).
Also at Nasdaq Inc
BJP
Bradley J. Peterson
EVP and CIO/CTO
BB
Brendan Brothers
Senior Strategic Advisor
BES
Bryan E. Smith
EVP and Chief People Officer
About
Adena T. Friedman is a seasoned leader with extensive experience in the financial industry. Born in 1969 and currently 54 years old, she brings over three decades of expertise to her role, combining a strong academic foundation with a track record of transformative leadership.
With over 31 years at Nasdaq, her journey is highlighted by a series of progressive roles. She began her career in financial and operational leadership positions, eventually advancing to serve as CFO and holding key responsibilities in corporate strategy. Her strategic vision led to her appointment as President, then President and COO, and ultimately, she assumed the role of CEO on 01-01-2017.
In addition to her executive responsibilities, she made significant contributions from The Carlyle Group, where she worked as CFO and Managing Director, further honing her expertise in global financial services and asset management.
Beyond her work at Nasdaq, her influence extends to several prominent boards and speaking engagements, reinforcing her role as an industry shaper. Her leadership continues to drive Nasdaq’s evolution into a global technology and financial solutions powerhouse.
$NDAQ Performance Under Adena T. Friedman
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Nasdaq (NDAQ) | President and Chief Operating Officer | Dec 2015 - Dec 2016 | Previous senior leadership role |
| Nasdaq (NDAQ) | President | Jun 2014 - Dec 2015 | Held prior to the COO role |
| The Carlyle Group | CFO and Managing Director | Mar 2011 - Jun 2014 | Oversaw financial operations and strategy at a global alternative asset manager |
| Nasdaq (NDAQ) | Chief Financial Officer | N/A | Served during her earlier tenure at Nasdaq before joining The Carlyle Group |
| Nasdaq (NDAQ) | Head of Data Products | N/A | Responsible for Nasdaq's data products |
| Nasdaq (NDAQ) | Head of Corporate Strategy | N/A | Key role in shaping Nasdaq's corporate strategy |
External Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Vanderbilt University | Board of Trust Member | N/A | Current active role |
| Federal Reserve Bank of New York | Director | N/A | Current active role |
| FCLTGlobal | Director | N/A | Non-profit organization focused on encouraging long-term investing |
Fixed Compensation
Data from FY 2023
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Base Salary | $1,250,000 | Annual (2023) | Fixed annual base salary |
| 401(k) Plan Contribution/Retirement Savings | $19,800 | Annual (2023) | Fixed retirement savings contribution |
| Incremental Cost of Personal Use of Company Car | $4,385 | Annual (2023) | Fixed allocation for personal use of company car |
| Financial/Tax Planning Services | $19,095 | Annual (2023) | Fixed compensation for financial/tax planning services |
Performance Compensation
Data from FY 2023
Target Annual Cash Incentive Award
| Metric | Weighting | Target Amount | Actual Performance | Payout Amount |
|---|---|---|---|---|
| Corporate Operating Income (Run Rate) | 55% | (Implied within $3,750,000 target) | 109% | $2,240,380 |
| Corporate Net Revenues | 20% | (Implied within $3,750,000 target) | 111% | $831,326 |
| Market Platforms: Modernize Markets to Create Trusted Networks | 5% | (Implied) | 191% | $359,044 |
| Capital Access Platforms: Listings Success | 5% | (Implied) | 158% | $296,250 |
| Verafin: Expand Anti-Financial Crime | 5% | (Implied) | 200% | $375,000 |
| ESG Revenue Expansion and Product Initiatives | 5% | (Implied) | 94% | $176,812 |
| Diversity and Culture (ESG) | 5% | (Implied) | 200% | $375,000 |
| Total/Achievement | 100% | $3,750,000 | 124% | $4,653,812 |
Evaluation Period: 2023 with performance measured against pre-established, quantifiable goals.
Target Equity Award (Performance-Based PSUs)
- Grant Date: April 3, 2023
- Target PSUs Awarded: 191,176 PSUs
- Grant Date Fair Value: $10,048,211
- Grant Date Face Value: $10,400,000
- Performance Period: 3 years (January 1, 2023 – December 31, 2025)
Performance Metrics & Thresholds
| TSR Percentile | Payout (% of Target PSUs) |
|---|---|
| 85th Percentile or Higher | 200% |
| 67.5th Percentile | 150% |
| 50th Percentile | 100% |
| 25th Percentile | 50% |
| 15th Percentile | 30% |
| Below 15th Percentile | 0% |
- Conditions: Payout determined by Nasdaq’s TSR performance relative to the S&P 500 and a peer group of 13 companies (each weighted 50%) with straight-line interpolation between thresholds.
At-Risk Restricted Stock Units (RSUs)
- Grant Date: April 3, 2023
- Number of RSUs Granted: 47,794 RSUs
- Grant Date Fair Value: $2,503,449
- Vesting Schedule: 4-year vesting; 33% vest on the second anniversary, 33% on the third anniversary, and the remaining balance on the fourth anniversary
- Performance Metrics: Not applicable; these are time-based awards designed for long-term shareholder alignment and retention
Note: The performance compensation structure includes separate cash and equity components with clearly defined performance metrics, targets, thresholds, weightings, and vesting schedules to align executive rewards with company performance and shareholder value creation.