Nasdaq Appoints Former Ericsson CEO Börje Ekholm to Board; Holden Spaht to Step Down

Executive Summary

On October 26, 2026, Nasdaq, Inc. filed a Current Report on Form 8-K announcing corporate governance changes under Item 5.02:

1. Appointment of Börje Ekholm: Elected to the Board of Directors on October 21, 2026, effective November 1, 2026. He will serve until the 2027 Annual Meeting of Shareholders and has been appointed to the Audit & Risk Committee.
2. Resignation of Holden Spaht: On October 22, 2026, Mr. Spaht notified Nasdaq of his resignation from the Board and committees, effective December 31, 2026. The resignation is not due to any disagreement with the company.

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Director Background & Context

• Börje Ekholm is the former President and CEO of Ericsson (served January 2017 to September 2026) and former President and CEO of Investor AB (2005 to 2015).
• Mr. Ekholm previously served on Nasdaq's Board from February 2011 to December 2016, including serving as Board Chair from May 2012 to December 2016.
• Holden Spaht joined Nasdaq's Board in November 2023 following the acquisition of Adenza and is stepping down after a three-year tenure during which Adenza integration targets and deleveraging milestones were achieved.

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Related Person Disclosure & Compensation

• Compensation: Mr. Ekholm will receive standard compensation for non-employee directors pursuant to Nasdaq’s Board Compensation Policy.
• Related Party Transaction: An immediate family member of Mr. Ekholm is employed by Nasdaq in a non-officer capacity and received aggregate total compensation exceeding $120,000 since the beginning of fiscal year 2025. The Audit & Risk Committee reviewed and ratified this compensation arrangement prior to Mr. Ekholm's election.

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Market & Governance Impact

• Trading Significance: Low. The transition represents planned board rotation and brings seasoned industry leadership back to the Board with no reported disputes or operational disruptions.