Nasdaq Management

Management criteria checks 3/4

Nasdaq's CEO is Adena Friedman, appointed in Jan 2017, has a tenure of 7.33 years. total yearly compensation is $18.50M, comprised of 6.8% salary and 93.2% bonuses, including company stock and options. directly owns 0.32% of the company’s shares, worth €106.27M. The average tenure of the management team and the board of directors is 3 years and 7.2 years respectively.

Key information

Adena Friedman

Chief executive officer

US$18.5m

Total compensation

CEO salary percentage	6.8%
CEO tenure	7.3yrs
CEO ownership	0.3%
Management average tenure	3yrs
Board average tenure	7.2yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Adena Friedman's remuneration changed compared to Nasdaq's earnings?
Date	Total Compensation	Salary	Company Earnings
Mar 31 2024	n/a	n/a	US$991m
Dec 31 2023	US$18m	US$1m	US$1b
Sep 30 2023	n/a	n/a	US$1b
Jun 30 2023	n/a	n/a	US$1b
Mar 31 2023	n/a	n/a	US$1b
Dec 31 2022	US$28m	US$1m	US$1b
Sep 30 2022	n/a	n/a	US$1b
Jun 30 2022	n/a	n/a	US$1b
Mar 31 2022	n/a	n/a	US$1b
Dec 31 2021	US$20m	US$1m	US$1b
Sep 30 2021	n/a	n/a	US$1b
Jun 30 2021	n/a	n/a	US$1b
Mar 31 2021	n/a	n/a	US$1b
Dec 31 2020	US$16m	US$1m	US$933m
Sep 30 2020	n/a	n/a	US$911m
Jun 30 2020	n/a	n/a	US$797m
Mar 31 2020	n/a	n/a	US$730m
Dec 31 2019	US$14m	US$1m	US$774m
Sep 30 2019	n/a	n/a	US$527m
Jun 30 2019	n/a	n/a	US$540m
Mar 31 2019	n/a	n/a	US$528m
Dec 31 2018	US$14m	US$1m	US$458m
Sep 30 2018	n/a	n/a	US$748m
Jun 30 2018	n/a	n/a	US$754m
Mar 31 2018	n/a	n/a	US$738m
Dec 31 2017	US$14m	US$994k	US$729m

Compensation vs Market: Adena's total compensation ($USD18.50M) is above average for companies of similar size in the German market ($USD5.06M).

Compensation vs Earnings: Adena's compensation has been consistent with company performance over the past year.

CEO

Adena Friedman (53 yo)

7.3yrs

Tenure

US$18,498,752

Compensation

Ms. Adena T. Friedman has been Chief Executive Officer and Director of Nasdaq, Inc. since January 1, 2017 and serves as its Chairman since January 01, 2023 and served as President since June 16, 2014 unti...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Adena Friedman	CEO & Chairman	7.3yrs	US$18.50m	0.32% $ 106.3m
P. C. Griggs	President & Division President of Capital Access Platforms	1.1yrs	US$4.40m	0.028% $ 9.2m
Tal Cohen	President	1.1yrs	US$4.47m	0.017% $ 5.8m
Sarah Youngwood	Executive VP & CFO	less than a year	US$11.55m	0% $ 0
Brendan Brothers	Executive VP of Anti-Financial Crime & Head of Financial Crime Management Technology	1.3yrs	US$5.22m	0.0057% $ 1.9m
Michelle Daly	Senior VP	3yrs	no data	0.0023% $ 755.1k
Bradley Peterson	Executive VP	11.3yrs	US$7.39m	0.036% $ 11.9m
Ato Garrett	Senior VP & Investor Relations Officer	1.2yrs	no data	no data
John Zecca	Executive VP and Global Chief Legal	4.6yrs	no data	0.022% $ 7.2m
Brian Buckley	Senior VP & Chief Marketing Officer	3.3yrs	no data	no data
Bryan Smith	Executive VP & Chief People Officer	11.8yrs	no data	0.010% $ 3.4m
Asaf Homossany	Senior Managing Director of EMEA	no data	no data	no data

3.0yrs

Average Tenure

50yo

Average Age

Experienced Management: NAQ's management team is considered experienced (3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Adena Friedman	CEO & Chairman	7.3yrs	US$18.50m	0.32% $ 106.3m
Steven Black	Independent Director	12.4yrs	US$379.26k	0.025% $ 8.3m
Michael Splinter	Lead Independent Director	16.2yrs	US$423.54k	0.036% $ 11.9m
Jeffery Yabuki	Independent Director	1.1yrs	US$359.53k	0.00044% $ 146.4k
Alfred Zollar	Independent Director	5.1yrs	US$378.51k	0.0057% $ 1.9m
Charlene Begley	Independent Director	10yrs	US$376.13k	0.0063% $ 2.1m
Essa Abdulfattah Al Mulla	Independent Director	16.2yrs	US$344.74k	0.022% $ 7.4m
Thomas Kloet	Independent Director	9.2yrs	US$544.26k	0.014% $ 4.7m
Toni Townes-Whitley	Independent Director	2.7yrs	US$366.13k	0.0014% $ 459.1k
Johan Torgeby	Independent Director	1.8yrs	US$348.63k	0.0030% $ 998.0k
Melissa Arnoldi	Independent Director	7yrs	US$343.63k	0.0064% $ 2.1m
Holden Spaht	Independent Director	1.3yrs	US$175.91k	no data

7.2yrs

Average Tenure

61yo

Average Age

Experienced Board: NAQ's board of directors are considered experienced (7.2 years average tenure).

Nasdaq Management

Management criteria checks 3/4

Key information

Recent management updates

Nasdaq, Inc., Annual General Meeting, Jun 11, 2024

Nasdaq Appoints Roland Chai as President of European Market Services

Nasdaq Announces Board Changes

Executive VP & Chief People Officer recently sold €245k worth of stock

Senior VP recently sold €111k worth of stock

Nasdaq, Inc. Announces Board of Directors Changes, Effective from January 1, 2023

Recent updates

First quarter dividend of US$0.24 announced

Nasdaq, Inc., Annual General Meeting, Jun 11, 2024

First quarter 2024 earnings released: EPS: US$0.41 (vs US$0.62 in 1Q 2023)

Nasdaq Announces Quarterly Dividend, Payable on June 28, 2024

Nasdaq, Inc. to Report Q1, 2024 Results on Apr 25, 2024

Nasdaq, Inc. has completed a Follow-on Equity Offering in the amount of $1.590435 billion.

Nasdaq, Inc. has completed a Follow-on Equity Offering in the amount of $1.590435 billion.

Upcoming dividend of US$0.22 per share

Full year 2023 earnings released: EPS: US$2.10 (vs US$2.29 in FY 2022)

Fourth quarter dividend of US$0.22 announced

Full year 2023 earnings released: EPS: US$2.10 (vs US$2.29 in FY 2022)

Nasdaq Announces Quarterly Dividend, Payable on March 28, 2024

Nasdaq Capital Access Platforms Launches Leading Indicator for IPO Activity

Nasdaq Introduces Auction Trading on First North

Nasdaq, Inc. to Report Q4, 2023 Results on Jan 31, 2024

Nasdaq Appoints Roland Chai as President of European Market Services

Upcoming dividend of US$0.22 per share at 1.6% yield

Nasdaq Launches New Technology to Scale Global Carbon Markets

New minor risk - Shareholder dilution

Nasdaq, Inc. (NasdaqGS:NDAQ) completed the acquisition of Adenza Group, Inc. from Thoma Bravo, L.P.

Third quarter 2023 earnings released: EPS: US$0.60 (vs US$0.60 in 3Q 2022)

Nasdaq, Inc. Announces Quarterly Dividend, Payable on December 22, 2023

Nasdaq, Inc. to Report Q3, 2023 Results on Oct 18, 2023

Upcoming dividend of US$0.22 per share at 1.7% yield

Nasdaq Announces Board Changes

New major risk - Financial position

Second quarter 2023 earnings released: EPS: US$0.54 (vs US$0.62 in 2Q 2022)

Nasdaq, Inc. to Report Q2, 2023 Results on Jul 19, 2023

European Energy Exchange AG signed an agreement to acquire Nasdaq’s European power trading and clearing business from Nasdaq, Inc. (NasdaqGS:NDAQ).

European Energy Exchange AG signed an agreement to acquire Nasdaq’s European power trading and clearing business from Nasdaq, Inc. (NasdaqGS:NDAQ).

Nasdaq, Inc. (NasdaqGS:NDAQ) entered into a definitive agreement to acquire Adenza Group, Inc. from Thoma Bravo, L.P. for $10.7 billion.

First quarter 2023 earnings released: EPS: US$0.62 (vs US$0.57 in 1Q 2022)

Executive VP & Chief People Officer recently sold €245k worth of stock

Upcoming dividend of US$0.20 per share at 1.5% yield

Full year 2022 earnings released: EPS: US$2.29 (vs US$2.39 in FY 2021)

Senior VP recently sold €111k worth of stock

Full year 2022 earnings released: EPS: US$2.29 (vs US$2.39 in FY 2021)

Nasdaq, Inc. Declares Regular Quarterly Dividend, Payable on March 31, 2023

Nasdaq, Inc. Announces Board of Directors Changes, Effective from January 1, 2023

Nasdaq, Inc. Announces the Resignation of John David Rainey from the Board of Directors and All Committees, Effective as of February 28, 2023

Nasdaq, Inc. to Report Q4, 2022 Results on Jan 25, 2023

Nasdaq Launches Nasdaq Custom Basket Calculation Service in Collaboration with S&P Global Market Intelligence

Nasdaq, Inc. Declares Regular Quarterly Dividend, Payable on December 16, 2022

Nasdaq, Inc. Organizes its Business Units into Three Divisions: Market Platforms, Capital Access Platforms, and Anti-Financial Crime

Nasdaq, Inc. to Report Q3, 2022 Results on Oct 19, 2022

Executive VP & CFO recently sold €404k worth of stock

Upcoming dividend of US$0.20 per share

Insider recently sold €181k worth of stock

Insider recently sold €475k worth of stock

Nasdaq, Inc. Appoints Johan Torgeby to its Board of Directors

Second quarter 2022 earnings released: EPS: US$1.87 (vs US$2.08 in 2Q 2021)

Nasdaq Announces Quarterly Dividend, Payable on September 30, 2022

Nasdaq, Inc. to Report Q2, 2022 Results on Jul 20, 2022

Nasdaq, Inc. (NasdaqGS:NDAQ) agreed to acquire Metrio Software, Inc.

Upcoming dividend of US$0.60 per share

Insufficient new directors

First quarter 2022 earnings released: EPS: US$1.72 (vs US$1.81 in 1Q 2021)

Insufficient new directors

Insider recently sold €231k worth of stock

Nasdaq, Inc. Elects Kathlyn Card Beckles, Anne Marie Darling, and Elizabeth Wideman to the Board of Directors of its U.S. Exchanges

First quarter 2022 earnings released: EPS: US$1.72 (vs US$1.81 in 1Q 2021)

Nasdaq, Inc., Annual General Meeting, Jun 22, 2022

Nasdaq, Inc. Announces Executive Changes

Upcoming dividend of US$0.54 per share

Now 20% undervalued after recent price drop

Nasdaq, Inc. Announces Executive Changes

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

Upcoming dividend of US$0.54 per share

Insider recently sold €360k worth of stock