Nasdaq Management

Management criteria checks 3/4

Nasdaq's CEO is Adena Friedman, appointed in Jan 2017, has a tenure of 7.92 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 $145.71M. The average tenure of the management team and the board of directors is 3.8 years and 6.6 years respectively.

Key information

Adena Friedman

Chief executive officer

US$18.5m

Total compensation

CEO salary percentage	6.8%
CEO tenure	7.9yrs
CEO ownership	0.3%
Management average tenure	3.8yrs
Board average tenure	6.6yrs

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
Sep 30 2024	n/a	n/a	US$959m
Jun 30 2024	n/a	n/a	US$947m
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 ($USD18.50M) is above average for companies of similar size in the UK market ($USD5.74M).

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

CEO

Adena Friedman (54 yo)

7.9yrs

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	7.9yrs	US$18.50m	0.32% $ 145.7m
P. C. Griggs	President & Division President of Capital Access Platforms	1.7yrs	US$4.40m	0.034% $ 15.5m
Tal Cohen	President	1.7yrs	US$4.47m	0.024% $ 10.8m
Sarah Youngwood	Executive VP & CFO	less than a year	US$11.55m	0.013% $ 5.9m
Brendan Brothers	Senior Strategic Advisor	less than a year	US$5.22m	0.0057% $ 2.6m
Michelle Daly	Senior VP	3.6yrs	no data	0.0022% $ 982.3k
Bradley Peterson	Executive VP	11.8yrs	US$7.39m	0.023% $ 10.4m
Ato Garrett	Senior VP & Investor Relations Officer	1.8yrs	no data	no data
John Zecca	Executive VP and Global Chief Legal	5.2yrs	no data	0.020% $ 9.0m
Brian Buckley	Senior VP & Chief Marketing Officer	3.9yrs	no data	no data
Bryan Smith	Executive VP & Chief People Officer	12.3yrs	no data	0.010% $ 4.6m
Edward Knight	Executive Vice Chairman	5.2yrs	US$3.45m	no data

3.8yrs

Average Tenure

52yo

Average Age

Experienced Management: 0K4T's management team is considered experienced (3.8 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Adena Friedman	CEO & Chairman	7.9yrs	US$18.50m	0.32% $ 145.7m
Michael Splinter	Lead Independent Director	16.8yrs	US$423.54k	0.036% $ 16.4m
Jeffery Yabuki	Independent Director	1.7yrs	US$359.53k	0.0028% $ 1.3m
Alfred Zollar	Independent Director	5.7yrs	US$378.51k	0.0075% $ 3.4m
Charlene Begley	Independent Director	10.6yrs	US$376.13k	0.0063% $ 2.9m
Essa Abdulfattah Al Mulla	Independent Director	16.8yrs	US$344.74k	0.023% $ 10.6m
Thomas Kloet	Independent Director	9.8yrs	US$544.26k	0.014% $ 6.5m
Toni Townes-Whitley	Independent Director	3.3yrs	US$366.13k	0.0014% $ 627.6k
Johan Torgeby	Independent Director	2.4yrs	US$348.63k	0.0046% $ 2.1m
Kathryn Koch	Director	less than a year	no data	0.00077% $ 350.2k
Melissa Arnoldi	Independent Director	7.6yrs	US$343.63k	0.0065% $ 2.9m
Holden Spaht	Independent Director	1.9yrs	US$175.91k	no data

6.6yrs

Average Tenure

58.5yo

Average Age

Experienced Board: 0K4T's board of directors are considered experienced (6.6 years average tenure).

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/27 13:47
End of Day Share Price	2024/12/26 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Nasdaq, Inc. is covered by 43 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Kevin Heal	Argus Research Company
Roger Freeman	Barclays
Benjamin Budish	Barclays

Nasdaq Management

Management criteria checks 3/4

Key information

Recent management updates

Executive VP recently sold US$1.0m worth of stock

High number of new directors

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 US$263k worth of stock

Recent updates

Upcoming dividend of US$0.24 per share

Now 20% overvalued after recent price rise

Executive VP recently sold US$1.0m worth of stock

Third quarter dividend of US$0.24 announced

Third quarter 2024 earnings released: EPS: US$0.53 (vs US$0.60 in 3Q 2023)

Nasdaq Announces Quarterly Dividend, Payable on December 20, 2024

Now 21% overvalued after recent price rise

Nasdaq Launches PureStream in Europe - A New Tool for Trajectory Trading

Nasdaq, Inc. to Report Q3, 2024 Results on Oct 24, 2024

Now 21% overvalued after recent price rise

Upcoming dividend of US$0.24 per share

Nasdaq Launches The Nasdaq Stockholm IPO Pulse: Tripled IPO Activity Since Recent Low

Nasdaq, Inc. has completed a Follow-on Equity Offering in the amount of $2.716755 billion.

Second quarter dividend of US$0.24 announced

Nasdaq, Inc. has filed a Follow-on Equity Offering.

Second quarter 2024 earnings released: EPS: US$0.39 (vs US$0.54 in 2Q 2023)

Now 23% overvalued after recent price rise

Nasdaq, Inc. Declares Quarterly Dividend, Payable on September 27, 2024

High number of new directors

Nasdaq, Inc. to Report Q2, 2024 Results on Jul 25, 2024

Upcoming dividend of US$0.24 per share

Nasdaq Collaborates with Microsoft to Reimagine the Boardroom Experience Using Artificial Intelligence

First quarter dividend increased to US$0.24

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

Nasdaq Announces Quarterly Dividend, Payable on June 28, 2024

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

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 US$263k 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 US$119k 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 US$403k worth of stock

Upcoming dividend of US$0.20 per share