Wick Simmons won't be joining Raymond James' board of directors after all.
According to Nasdaq spokesperson Andrew MacMillan, Simmons has decided not to pursue the position after Nasdaq determined that it would be a conflict of interest for Simmons, who officially joined Nasdaq as CEO on Feb. 1.
Raymond James wanted Simmons, the former Prudential Securities CEO, as a board member, despite the fact that he was slated to become CEO of Nasdaq. The St. Petersburg, Fla.-based company’s board was scheduled to convene during the annual shareholders’ meeting on Feb. 8 to consider expanding the board from 13 to 15 directors. The board planned to appoint Simmons as a member "subject to determination that no conflict will exist with [his] appointment as the upcoming CEO of the Nasdaq Stock Market," according to a Raymond James Financial proxy statement filed Dec. 22.
Larry Silver, RJF director of marketing, says the firm tapped Simmons as a possible board member before he was offered the Nasdaq job.