Top NASD Board Posts Go to 2 California Executives

The National Assn. of Securities Dealers’ Board of Governors announced the election of Fredric M. Roberts as chairman and Peter B. Madoff as vice chairman.

Both will serve one-year terms starting in January, a spokesman for NASD said.

Roberts, a corporate finance specialist and president of F. M. Roberts & Co. in Los Angeles, succeeds Charles B. Johnson, president of San Mateo, Calif.-based Franklin Resources Inc.

Madoff, executive managing director of Bernard L. Madoff Investment Securities, replaces Anson M. Beard, a managing director at Morgan Stanley & Co. Madoff is also a former president of the Security Traders Assn. of New York.

NASD also announced the election of five new governors-at-large who will serve three-year terms. They are:

Bert C. Roberts Jr., chairman and chief executive of MCI Communications Corp.

John W. Rogers, president and founder of Ariel Capital Management Inc. and a board member of A. G. Heileman Brewing Co.

Charles R. Schwab, chairman and founder of Charles Schwab & Co., the nation’s largest discount securities firm.

A. A. Sommer Jr., a partner of Morgan, Lewis & Bockius of Washington. He was a commissioner of the Securities and Exchange Commission from 1973 to 1976.

Madelon DeVoe Talley, an author, investment consultant and trustee of the New York State Teachers’ Retirement System.

NASD is the largest self-regulatory organization of the U.S. securities industry, with 5,200 member firms and 429,000 registered professionals. It operates the NASDAQ stock market.