Adena Friedman became Nasdaq’s chief executive on January 1, 2017, succeeding Bob Greifeld and becoming the first woman to lead a major U.S. exchange operator. Her appointment followed a career in data products, strategy and finance, including a period outside Nasdaq at The Carlyle Group.
She took over as Nasdaq continued expanding beyond exchange and listing operations into financial technology. That shift began under Greifeld, rather than with Friedman’s appointment.
From Nasdaq to Carlyle and back
Friedman joined Nasdaq as an intern in 1993 after completing her MBA at Vanderbilt University. She later served as head of data products, head of strategy and chief financial officer.
She spent three years as chief financial officer of Carlyle before returning to Nasdaq in 2014. Nasdaq said she helped lead Carlyle through its 2012 initial public offering.
Discussing her career with Dan Schulman, then PayPal’s president and chief executive, Friedman said leaving Nasdaq had been one of her hardest career decisions. She said her experience at Carlyle gave her a broader view of the industry when she returned.
Nasdaq’s financial technology expansion
Nasdaq’s diversification began in the mid-2000s under Greifeld and continued during Friedman’s early years as chief executive. Alongside operating exchanges and providing listing services, the company developed its business selling technology to financial institutions and other markets.
By 2021, its strategy included selling cloud-based software to banks, brokers and other stock exchanges, as well as investing in software to combat money laundering and fraud. Friedman said Nasdaq’s use of its own technology in its exchanges formed part of its sales pitch to customers.
Views on career moves and customers
In her conversation with Schulman, Friedman described career changes in terms of the opportunities they offered. “You should always run to an opportunity,” she said. She emphasized choosing a role that someone was excited about, rather than moving simply because they disliked their existing job.
Friedman also argued that measuring a business only against its competitors could limit its opportunities. She advocated focusing on customers’ needs and cautioned against assuming that success meant a company’s work was complete.
“So you should never assume that what you do is perfect,” Friedman said.
In October 2016, Friedman also said she wanted more women across organizations so younger employees could see people they related to and recognize attainable career paths.
