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RICHARD G. MCDERMOTT JR. OF NEW YORK ELECTED CHAIRMAN OF NASD'S NATIONAL BUSINESS CONDUCT COMMITTEE; JAMES S. HOLBROOK JR. ELECTED VICE CHAIRMAN

 WASHINGTON, Nov. 15 /PRNewswire/ -- The National Business Conduct Committee of the National Association of Securities Dealers (NASD), Inc., has elected Richard G. McDermott Jr., president, Chapdelaine & Co. in New York City as its 1994 chairman, and James S. Holbrook, president and chief executive officer, Sterne, Agee & Leach, Inc., of Birmingham, Ala., as its 1994 vice chairman, it was announced today by NASD President and Chief Executive Officer Joseph R. Hardiman.
 McDermott succeeds Robert Kleinberg, executive vice president and general counsel of Oppenheimer & Co., Inc. Holbrook succeeds William R. Rothe, a managing director and head of NASDAQ Trading at Alex. Brown & Sons, Inc.
 The NASD is the largest self-regulatory organization of the U.S. securities industry, with 5,278 member firms and 462,297 registered industry professionals. The National Business Conduct Committee reviews disciplinary actions taken by NASD's 11 District Business Committees across the country and also acts as an appellate body.
 McDermott has been with Chapdelaine & Co. since 1971. Prior to that he was a member of the New York and American stock exchanges. His early career included equity trading at Blyth & Co. Other positions within the securities industry include: member of the board of governors of the Municipal Bond club of New York, member of the Traders & Underwriters Committee and Brokers' Brokers Committee of the Public Securities Association and former member of the Nominating Committee of the Municipal Securities Rulemaking Board.
 McDermott is a graduate of Babson College, where he currently serves as a member of the board of trustees. He is also vice chairman of the Investment Committee and serves on the Membership Committee of The Stanwich Club in Greenwich, Conn.
 Prior to Holbrook's affiliation with Sterne, Agee, he was chairman and CEO of First Birmingham Securities Corporation from 1972 until 1990, when the firm was consolidated with Sterne, Agee & Leach, Inc. Holbrook is currently serving on the Board of Visitors of the University of Alabama and a trustee of the Birmingham Chamber of Commerce. He is also serving on the Local Firms Committee of the Securities Industry Association and is involved in several other business ventures where he serves in various positions and as an officer and member of the board of directors. Holbrook is a graduate of the University of Alabama School of Commerce and Business Administration.
 -0- 11/15/93
 /CONTACT: Robert Ferri, 202-728-8955, James D. Spellman, 202-728-8197, or Richard Myers, 202-728-8397, all of the National Association of Securities Dealers/


CO: National Association of Securities Dealers ST: New York IN: FIN SU: PER

DT-DC -- DC039 -- 4731 11/15/93 17:53 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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