Frank G. Zarb
Encyclopedia
Frank Gustave Zarb is an American businessman and former Republican
politician
. He is perhaps best known as the chairman of the NASDAQ
stock exchange during the dot-com boom
of the late 1990s. He is also known for his role as the "Energy Czar
" under President Gerald Ford
during the 1970s energy crisis
.
, New York
. In 1957 he received his Bachelor of Business Administration at Hofstra University
, then known as Hofstra College, on Long Island. Following his time in the army, he went on to earn a Master of Business Administration from Hofstra in 1962.
from 1957 to 1958, Frank started at CITGO
, then known as Cities Service Oil Co, as a management trainee. Leaving that post in 1962, he became a general partner at Goodbody and Company. In 1969 he became the executive vice president of CBWL-Hayden Stone.
(1971-1972), then as Associate Director of the Office of Management and Budget (OMB) (1973-74). Finally in 1974 he was appointed "Energy Czar" by President Ford, holding dual appointments in the Energy Resources Council and the Federal Energy Administration
until 1977.
(1977-1988), CEO and Chairman of Smith Barney
(1988-1993), and group chief executive of Travelers Group (1993-1994). In 1994, he was appointed CEO of insurance brokerage company Alexander & Alexander Services, Inc. and then oversaw that company's sale to Aon Corp. in 1997.
. Following his retirement from the NASD, he became the managing director of Hellman & Friedman
as well as interim-chairman of the American International Group
.
gave Zarb the Distinguished Scholar award in recognition of his contributions to the University. In 1975 he was awarded an honorary Doctorate of Humane Letters by Hofstra in recognition of his contributions to the University
. In 1994, the School of Business at Hofstra was renamed the Frank G. Zarb School of Business
in recognition of his service as the Chairman of the University's Board of Trustees. In 2008 the Zarb School alumni association was created in his honor.
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
politician
Politician
A politician, political leader, or political figure is an individual who is involved in influencing public policy and decision making...
. He is perhaps best known as the chairman of the NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
stock exchange during the dot-com boom
Dot-com bubble
The dot-com bubble was a speculative bubble covering roughly 1995–2000 during which stock markets in industrialized nations saw their equity value rise rapidly from growth in the more...
of the late 1990s. He is also known for his role as the "Energy Czar
Energy Czar
Energy Czar is a nickname, using the political term "czar", for the person in the Government of the United States given authority over energy policy within the executive branch...
" under President Gerald Ford
Gerald Ford
Gerald Rudolph "Jerry" Ford, Jr. was the 38th President of the United States, serving from 1974 to 1977, and the 40th Vice President of the United States serving from 1973 to 1974...
during the 1970s energy crisis
1973 oil crisis
The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the...
.
Early life
Frank Zarb was born to Maltese immigrant parents Gustave Zarb and Rosemary (Antinoro) Zarb in BrooklynBrooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
. In 1957 he received his Bachelor of Business Administration at Hofstra University
Hofstra University
Hofstra University is a private, nonsectarian institution of higher learning located in the Village of Hempstead, New York, United States, about east of New York City: less than an hour away by train or car...
, then known as Hofstra College, on Long Island. Following his time in the army, he went on to earn a Master of Business Administration from Hofstra in 1962.
Early corporate service
Following a term of service in the armyUnited States Army
The United States Army is the main branch of the United States Armed Forces responsible for land-based military operations. It is the largest and oldest established branch of the U.S. military, and is one of seven U.S. uniformed services...
from 1957 to 1958, Frank started at CITGO
Citgo
CITGO Petroleum Corporation is a United States-incorporated, Venezuela-owned refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de...
, then known as Cities Service Oil Co, as a management trainee. Leaving that post in 1962, he became a general partner at Goodbody and Company. In 1969 he became the executive vice president of CBWL-Hayden Stone.
Government service
In 1971 Frank went into public service, serving first as Assistant Secretary of LaborUnited States Department of Labor
The United States Department of Labor is a Cabinet department of the United States government responsible for occupational safety, wage and hour standards, unemployment insurance benefits, re-employment services, and some economic statistics. Many U.S. states also have such departments. The...
(1971-1972), then as Associate Director of the Office of Management and Budget (OMB) (1973-74). Finally in 1974 he was appointed "Energy Czar" by President Ford, holding dual appointments in the Energy Resources Council and the Federal Energy Administration
Federal Energy Administration
The Federal Energy Administration was a United States government organization created in 1974 to address the 1970s energy crisis. It was merged in 1977 with the newly-created United States Department of Energy.-History:...
until 1977.
Later corporate services
After leaving the federal government in 1977, Zarb became a senior partner at LazardLazard
Lazard Ltd is the parent company of Lazard Group LLC, a global, independent investment bank with approximately 2,300 employees in 42 cities across 27 countries throughout Europe, North America, Asia, Australia, Central and South America...
(1977-1988), CEO and Chairman of Smith Barney
Smith Barney
Morgan Stanley Smith Barney is a retail brokerage joint venture between Morgan Stanley and Citigroup.On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of...
(1988-1993), and group chief executive of Travelers Group (1993-1994). In 1994, he was appointed CEO of insurance brokerage company Alexander & Alexander Services, Inc. and then oversaw that company's sale to Aon Corp. in 1997.
Term at NASD
From 1997 to 2001, Zarb was the Chairman and CEO of the National Association of Securities Dealers (NASD) and head of the NASD's stock exchange, the NASDAQNASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
. Following his retirement from the NASD, he became the managing director of Hellman & Friedman
Hellman & Friedman
Hellman & Friedman is a private equity firm, founded in 1984 by Warren Hellman and Tully Friedman, that makes investments primarily through leveraged buyouts and minority growth capital investments....
as well as interim-chairman of the American International Group
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
.
Relationship with Hofstra University
In 1974, Hofstra UniversityHofstra University
Hofstra University is a private, nonsectarian institution of higher learning located in the Village of Hempstead, New York, United States, about east of New York City: less than an hour away by train or car...
gave Zarb the Distinguished Scholar award in recognition of his contributions to the University. In 1975 he was awarded an honorary Doctorate of Humane Letters by Hofstra in recognition of his contributions to the University
. In 1994, the School of Business at Hofstra was renamed the Frank G. Zarb School of Business
Frank G. Zarb School of Business
The Frank G. Zarb School of Business, located at Hofstra University, is noted for its dual AACSB accreditations in business and accounting. The school is named after alumnus Frank G. Zarb, '57 B.B.A., '62 M.B.A., who was the chair and CEO of the National Association of Securities Dealers and a...
in recognition of his service as the Chairman of the University's Board of Trustees. In 2008 the Zarb School alumni association was created in his honor.