Frank Zarb

{{Infobox Officeholder

|name = Frank Zarb

|image = Frank Zarb 174-CD-L03-05-19C-002 (cropped).jpg

|office = Administrator of the Federal Energy Administration

|president = Gerald Ford

|term_start = December 18, 1974

|term_end = January 15, 1977

|predecessor = John C. Sawhill

|successor = Gorman Smith (acting)

|birth_name = Frank Gustave Zarb

|birth_date = {{birth date and age|1935|2|17}}

|birth_place = {{nowrap|Brooklyn, New York, U.S.}}

|death_date =

|death_place =

|party = Republican

|education = Hofstra University (BBA, MBA)

}}

Frank Gustave Zarb (born February 17, 1935){{cite encyclopedia |title=Frank Gustave Zarb |encyclopedia=Who's Who on the Web |url=http://search.marquiswhoswho.com/executable/SearchResults.aspx?db=E |publisher=Marquis}} is an American businessman and former Republican politician. He is perhaps best known as the chairman and CEO 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.

Biography

=Early life=

Frank Zarb was born to Maltese immigrant parents Gustave Zarb and Rosemary (Antinoro) Zarb in Brooklyn, New York. As a teenager in Flatbush, Brooklyn, he graduated from a vocational high school with a mechanic's certification. His English teacher urged him to go to college.{{cite news|last=Quint |first=Michael |date=March 28, 1993 |title=Profile/Frank G. Zarb; His Formula: Smith Barney + Shearson = Powerhouse |url=https://www.nytimes.com/1993/03/28/business/profile-frank-g-zarb-his-formula-smith-barney-shearson-powerhouse.html |work=New York Times |url-access=subscription |access-date=August 24, 2023}} In 1957 he received his Bachelor of Business Administration (BBA) 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 (MBA) from Hofstra in 1962.

=Early corporate service=

Following a term of service in the army from 1957 to 1958, Zarb 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 & Co.. In 1969 he became the executive vice president of CBWL-Hayden Stone.{{cite web |title=Frank G. Zarb Collection Finding Aid |url=https://www.hofstra.edu/pdf/library/libspc_archives_frank_zarb_collection_fa.pdf |website=Hofstra University Archives |access-date=May 13, 2025}}

=Government service=

In 1971, Zarb went into public service, serving first as Assistant Secretary of Labor (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.

=Later corporate services=

After leaving the federal government in 1977, Zarb became a senior partner at Lazard (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.{{cite news|last=Quint |first=Michael |date=June 8, 1994 |title=COMPANY NEWS; Alexander Gets Infusion And Hires a New Chief |url=https://www.nytimes.com/1994/06/08/business/company-news-alexander-gets-infusion-and-hires-a-new-chief.html |work=New York Times |url-access=subscription |access-date=August 24, 2023 |url-status=live |archive-url=https://web.archive.org/web/20230824192546/https://www.nytimes.com/1994/06/08/business/company-news-alexander-gets-infusion-and-hires-a-new-chief.html |archive-date= August 24, 2023 }} and then oversaw that company's sale to Aon Corp.{{cite news|last= |first= |date=July 26, 2002 |title=Judgment Against Aon Is Upheld |url=https://www.nytimes.com/2002/07/26/business/judgment-against-aon-is-upheld.html |work=The New York Times |agency=Bloomberg News |url-access=subscription |access-date=August 24, 2023 |url-status=live |archive-url=https://web.archive.org/web/20230824214458/https://www.nytimes.com/2002/07/26/business/judgment-against-aon-is-upheld.html |archive-date=August 24, 2023 }} in 1997.

=Term at NASD=

Shortly after crafting the Long Island Power Authority (LIPA) purchase of Long Island Lighting Company (LILCO) in 1998 (as the Chairman of LIPA), Zarb became the Chairman and CEO of the National Association of Securities Dealers (NASD) from 1997 to 2001, and head of the NASD's stock exchange, the NASDAQ.{{cite web |title=Frank G. Zarb Collection Finding Aid |url=https://www.hofstra.edu/pdf/library/libspc_archives_frank_zarb_collection_fa.pdf |website=Hofstra University Archives |access-date=May 13, 2025}}

Following his retirement from NASD, Zarb became a managing director of Hellman & Friedman,{{Cite web |url=http://www.hf.com/team/Team.aspx?membercode=fZarb |title=Team — Frank G. Zarb |website=Hellman & Friedman |access-date=November 6, 2007 |archive-url=https://web.archive.org/web/20071127155155/http://www.hf.com/team/Team.aspx?membercode=fZarb |archive-date=November 27, 2007 |url-status=dead }} which subsequently acquired a controlling stake in NASDAQ shortly after it was spun off from the NASD.

=Term at AIG=

In 2005, Zarb replaced his long-time friend Hank Greenberg as head of the American International Group, 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 U.S. Securities and Exchange Commission) was investigating Greenberg and AIG for potentially engaging in accounting improprieties.Monica Langley, "Palace Coup: After a 37-Year Reign at AIG, Chief's Last Tumultuous Days; Faced With Indictment Threat, Directors Move Quickly Against Mr. Greenberg; Hopes Dashed for Soft Landing", Wall St. J., April 1, 2005, at A1.

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.[http://www.finra.org/PressRoom/NewsReleases/1997NewsReleases/p010447] {{Webarchive|url=https://web.archive.org/web/20080705133432/http://www.finra.org/PressRoom/NewsReleases/1997NewsReleases/P010447 |date=July 5, 2008 }} FINRA press release

Relationship with Columbia University

Zarb serves as an "Executive in Residence" at Columbia Business School, the graduate school of business at Columbia University in the New York City.{{cite web|title=Frank Zarb|url=https://www8.gsb.columbia.edu/cbs-directory/detail/fz2157|website=Columbia Business School Directory|publisher=Columbia Business School|accessdate=October 25, 2016|archive-url=https://web.archive.org/web/20161026081302/https://www8.gsb.columbia.edu/cbs-directory/detail/fz2157|archive-date=October 26, 2016|url-status=dead}}