Frank Gustave Zarb (born February 17, 1935) is an American businessman and former
Republican
Republican can refer to:
Political ideology
* An advocate of a republic, a type of government that is not a monarchy or dictatorship, and is usually associated with the rule of law.
** Republicanism, the ideology in support of republics or agains ...
politician. He is perhaps best known as the chairman and ceo of the
NASDAQ stock exchange during the
dot-com boom
The dot-com bubble (dot-com boom, tech bubble, or the Internet bubble) was a stock market bubble in the late 1990s, a period of massive growth in the use and adoption of the Internet.
Between 1995 and its peak in March 2000, the Nasdaq Compos ...
of the late 1990s. He is also known for his role as the "
Energy Czar Energy Czar, and also later Climate Czar, is a nickname, using the political term "czar", for the person in the government of the United States given authority over energy or climate policy within the executive branch. This has never been the offi ...
" under President
Gerald Ford during the
1970s energy crisis
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period wer ...
.
Biography
Early life
Frank Zarb was born to Maltese immigrant parents Gustave Zarb and Rosemary (Antinoro) Zarb in
Brooklyn
Brooklyn () is a borough of New York City, coextensive with Kings County, in the U.S. state of New York. Kings County is the most populous county in the State of New York, and the second-most densely populated county in the United States, be ...
,
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.
Early corporate service
Following a term of service in the
army
An army (from Old French ''armee'', itself derived from the Latin verb ''armāre'', meaning "to arm", and related to the Latin noun ''arma'', meaning "arms" or "weapons"), ground force or land force is a fighting force that fights primarily on ...
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.
Government service
In 1971 Frank went into public service, serving first as Assistant Secretary of
Labor
Labour or labor may refer to:
* Childbirth, the delivery of a baby
* Labour (human activity), or work
** Manual labour, physical work
** Wage labour, a socioeconomic relationship between a worker and an employer
** Organized labour and the la ...
(1971–1972), then as Associate Director of the
Office of Management and Budget
The Office of Management and Budget (OMB) is the largest office within the Executive Office of the President of the United States (EOP). OMB's most prominent function is to produce the president's budget, but it also examines agency programs, pol ...
(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 The Federal Energy Administration (FEA) was a United States government organization created in 1974 to address the 1970s energy crisis, and specifically the 1973 oil crisis.Staff report (May 8, 1974). Energy Crisis Still With Us, Nixon Warns. ''Los ...
until 1977.
Later corporate services
After leaving the federal government in 1977, Zarb became a senior partner at
Lazard
Lazard Ltd (formerly known as Lazard Frères & Co.) is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's la ...
(1977–1988), CEO and Chairman of
Smith Barney
Morgan Stanley Wealth Management is an American multinational financial services corporation specializing in retail brokerage. It is the wealth & asset management division of Morgan Stanley.
On January 13, 2009, Morgan Stanley and Citigroup an ...
(1988–1993), and group chief executive of
Travelers Group
The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through indepen ...
(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
Shortly after crafting the LIPA Purchase of LILCO in 1998 (as the chairman of LIPA) Zarb became the chairman and CEO of the
National Association of Securities Dealers
The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associat ...
From 1997 to 2001, (NASD) and head of the NASD's stock exchange, the
NASDAQ.
Following his retirement from NASD, Zarb became a managing director of
Hellman & Friedman
Hellman & Friedman LLC (H&F) is an American private equity firm, founded in 1984 by Warren Hellman and Tully Friedman, that makes investments primarily through leveraged buyouts as well as growth capital investments. H&F has focused its efforts ...
, which subsequently acquired a controlling stake in Nasdaq shortly after it was spun off from NASD.
Term at AIG
In 2005, Zarb replaced his long-time friend Maurice Hank Greenberg as head of the
American International Group
American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...
, in what Greenberg termed as a "palace coup." At the time, Greenberg was battling charges by then-New York Attorney General, Eliot Spitzer, who (along with the SEC) was investigating AIG for potentially engaging in accounting improprieties.
Relationship with Hofstra University
In 1974,
Hofstra University 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.
Relationship with Columbia University
Zarb serves as an "Executive in Residence" at
Columbia Business School, the graduate school of business at
Columbia University
Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...
in the
City of New York
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...
.
Personal life
On March 31, 1957, Zarb married Patricia Koster. They had two children, Krista Anne and Frank Junior.
He also, since 2002 has three grandchildren.
Publications
The Stockmarket Handbook, 1969
References
External links
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{{DEFAULTSORT:Zarb, Frank G.
1935 births
American financial businesspeople
Hofstra University alumni
Living people
Nasdaq
People from Brooklyn
United States Department of Energy officials