Nasdaq CEO Adena Friedman on finding her ideal role: ‘I realized I liked risk-taking more than risk management’
What are the requirements for heading a major global financial exchange? For Nasdaq CEO Adena Friedman, it involves a blend of inquisitiveness, strategic risk-taking, and a career path marked by unforeseen opportunities.
As the head of Nasdaq, Friedman oversees a global team of approximately 10,000 staff at a premier exchange operator that hosts many of the world’s leading technology firms.
Speaking at an Economic Club of Washington, D.C. event on March 11, she told David Rubenstein that she approaches her daily work with high energy and a positive mindset.
Her professional history reflects this approach. She originally arrived at Nasdaq in 2000 as executive vice president for corporate strategy and data products, eventually rising to chief financial officer in 2009. However, a surprise call from a recruiter in 2011 changed her path.
She recalled being asked if she would be interested in assisting a top-tier private equity firm with its transition to a public company.
This opportunity brought her to The Carlyle Group, co-founded by Rubenstein, where she served as managing director and CFO. In this capacity, she managed the firm’s 2012 initial public offering.
Although she found the IPO process rewarding, Friedman noted that the experience helped her identify the specific kind of leadership role she truly wanted.
She observed that while a CFO’s responsibilities center on managing risk, she discovered a personal preference for active risk-taking.
When former Nasdaq CEO Bob Greifeld began looking for a successor, Friedman was invited back in 2014 as president and chief operating officer. By 2017, she assumed the role of chief executive, marking the first time a woman had led the global exchange.
Regarding gender bias, Friedman stated she never faced discrimination at Nasdaq. However, during her early years in male-centric trading environments, she felt it was vital to establish her professional standing immediately.
She noted that her goal upon entering a meeting was to have colleagues focus entirely on her contributions rather than her gender within the first five minutes.
Her approach relied heavily on thorough preparation and self-assurance.
She explained that she would enter rooms with the mindset that her expertise was valuable and that she would ensure others were prepared to listen to her insights.
Friedman attributes her sense of confidence to her mother, who returned to law school at the University of Maryland when Friedman was nine and began her legal career two years later.
Her mother eventually became the first female partner at her law firm.
Friedman remarked that her mother evolved into a highly self-assured professional capable of tackling any challenge.
This role model had a profound impact, and Friedman continues to view confidence and preparation as vital components of her professional toolkit.