Members of the National Association of Securities Dealers have voted to add John Simmers to the self-regulatory group’s board.
The NASD, Washington, says Simmers, chief executive officer of ING Advisors Network, Atlanta, started a 3-year term today.
Simmers is a former president of the California Association of Independent Broker-Dealers.
Other new NASD board members include Brian Kovack, president of Kovack Securities Inc., Fort Lauderdale, Fla., and Tyler Dedman, a retired rear admiral.
NASD members elected John Brennan, chairman of the Vanguard Group, Valley Forge, Pa., to serve a second term as chairman.
David DeMuro, a compliance executive at Lehman Brothers Inc., New York, lost his seat on the 18-member NASD board, even though he was supported by the NASD nominating committee.
Broker-dealers who believe the NASD compliance process has become too rigid and too expensive mounted a campaign to put Kovack and Dedman on the NASD board.
Kovack has licenses to sell life insurance, health insurance and variable annuities as well as securities. He also is a licensed commercial helicopter pilot and he is licensed to be a captain of 50-ton boats.