Salvatore F. Sodano
Executive-in-Residence, Executive-in-Residence of Finance
East Library Wing
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Degrees: MBA, 1982, Hofstra Univ; BBA, 1978, Hofstra Univ
Hofstra University, Office of the President
Salvatore F. Sodano began his tenure as Senior Executive Adviser to the President and Sorin Distinguished Teaching Fellow in July 2010. In this role, Mr. Sodano will assist the President on University wide initiatives. He will also work closely with Hofstra academic Deans on corporate and external relationships and continue in his faculty appointments.
Mr. Sodano was also appointed to the position of Chairman of both the Business and Academic Advisory Boards of The Center for International Financial Services and Markets of the Frank G. Zarb School of Business in July 2010, and he was the honored for his dedication and service at Hofstra University’s Annual Golf and Tennis Open on July 19, 2010. Mr. Sodano was named to the William and Kate Hofstra Honor Roll in July 2010 for distinguished service and support for the University since it was founded in 1935.
Hofstra University, Dean, Frank G. Zarb School of Business
Mr. Sodano became the Dean of the Frank G. Zarb School of Business at Hofstra University in June 2006. He has been a member of the faculty and Executive-in-Residence at the Zarb School since June 2005 with academic appointments in both the Management and Finance Departments. In March 2010, he was appointed to the academic rank of full professor of finance.
Mr. Sodano served as Chairman of Hofstra’s Board of Trustees for the maximum three one-year terms from October 2002 through October 2005. He first joined the Hofstra Board in 2001.
During Mr. Sodano’s tenure as Dean, the Zarb School experienced steady growth and a dramatic increase in independent competitive national rankings, specifically:
- In 2010, BusinessWeek ranked the Zarb School of Business as 5th in the nation in giving students the biggest return on their tuition dollar.
- In 2009 and 2010, BusinessWeek ranked the Zarb School’s undergraduate business program in the top 100.
- The Princeton Review, in its 2009 edition of the Best Business Schools, rated the Zarb School’s graduate program among the best in the world, and in March 2009, ranked the Zarb School’s M.B.A. in Marketing program as 15th in the nation.
- In May 2009, U.S. News and World Report ranked the Zarb School among the nation’s best business schools, and ranked the Zarb School’s full-time day M.B.A. program at 63 in its annual ranking of full-time master’s programs in business.
- In 2009, Forbes Magazine ranked the Zarb School of Business 51 on their list of top 75 M.B.A. programs.
There were no meaningful rankings prior to his tenure as Dean.
Mr. Sodano oversaw the reaccreditation of the Zarb School of Business and the professional accounting program. The examination of both programs resulted in an unprecedented flawless report.
Mr. Sodano established, through fund-raising efforts, the Zarb School of Business’ first full-time day M.B.A. program which began in fall 2008 with students from seven different countries boasting an average GMAT score of 620. The program continues to flourish.
In addition, during Mr. Sodano’s tenure, the Zarb School of Business significantly improved fund-raising efforts resulting in millions of dollars of new funds for Distinguished Professorships, scholarships and general School needs. He revived, revitalized and expanded the Zarb School of Business Alumni Association into strong advocates for the benefit of the School, its students and alumni.
Also during Mr. Sodano’s tenure, the Zarb School established exchange programs for Zarb School of Business students with Erasmus University and the University of Amsterdam, and established study abroad programs at the University of International Business and Economics in Beijing, China, and the National University of Ireland (Galway).
Mr. Sodano has sponsored many very high-profile conferences and events, including visits from former Secretaries of the Treasury and many c-suite executives across all industries, along with top academics. He continues to guest lecture on various business topics throughout the University and mentors students as they prepare for their business careers. Mr. Sodano has also focused attention on significantly increasing relationships with global corporations and has established over 200 potential new employers for Zarb School of Business students.
In addition, Mr. Sodano was instrumental in obtaining membership for the Zarb School of Business in the highly prestigious and competitive New York State Society of Security Analysts.
Burke & Quick Partners, LLC 2012 – Present
Strategy and Business Development for Wall Street
Institutional Broker Dealer
The American Stock Exchange
For six years, Mr. Sodano, as chairman and chief executive officer, led the American Stock Exchange (Amex) through some of the most tumultuous times in global capital markets history, ultimately creating a revitalized institution with a strong focus on rebirth, innovation and product development.
While serving as chief operating officer and chief financial officer of the National Association of Securities Dealers (NASD, and then parent of the NASDAQ Stock Market, now FINRA), Mr. Sodano also assumed the position of acting president of the Amex, directing the integration of elements of the exchange into NASDAQ and NASD, and most important, filling the serious leadership void then existing at the Amex.
He directed the complete overhaul of Amex infrastructure, developed new products, rebranded the 100+ year old institution and established new relationships with key constituencies – most notably Amex employees and seat holders; trading floor firms and Wall Street brokerage and investment banking firms; asset management companies and index sponsors; CEO’s and CFO’s at Amex-listed companies; regulatory authorities, including the Securities and Exchange Commission; federal, state and local elected officials; law enforcement agencies; and the news media.
In September 1999, six months after his appointment as acting president, Mr. Sodano was elected Amex chairman and chief executive officer while continuing to serve as chief operating officer of the NASD.
Amex Recovery and Regrowth
Rebuilding, revitalizing and setting the Amex on a sound strategic course were Mr. Sodano’s clear priorities leading up to the morning of September 11, 2001. The terrorist attacks that fateful morning severely damaged the Amex’s headquarters and trading operations, taking the lives of several exchange personnel. Just six days later, Mr. Sodano successfully directed the relocation of all Amex businesses and employees to alternative locations and opened the Amex for business, along with all other markets, on September 17, 2001 without missing a single trade.
On October 1, Mr. Sodano personally led the return to the Amex’s severely damaged facility in the restricted Ground Zero Zone, continuing to operate as the only occupied building in that physically and emotionally difficult environment for four months. Mr. Sodano’s leadership during that stressful time – in concert with the leadership of the New York Stock Exchange and The NASDAQ Stock Market – moved not only the Amex, but also the U.S. capital markets, to recover quickly. The Amex board of governors officially recognized Mr. Sodano’s “extraordinary and exemplary behavior under extreme pressure” with a board resolution, dated October 24, 2001, citing his “indomitable spirit, superb judgment and bravery under the most trying circumstances”.
Mr. Sodano also managed the Exchange’s response to increased corporate governance issues for publicly listed companies, Sarbanes-Oxley implementation and a host of regulatory reforms which Mr. Sodano adeptly managed on behalf of his membership and listed companies.
Additionally, recognizing the importance of the increasing globalization of investment, he developed working relationships with many of Europe’s and the Far East’s leading exchanges, including Amsterdam, Singapore and Tokyo, to trade and develop the Amex’s Exchange Traded Funds (ETFs).
For his contributions to the Amex, Mr. Sodano was recognized by the Amex 5&20 Club, an Amex membership organization, as its 2001 Man of the Year, marking the first time in Amex history that a non-member received this honor. Similarly, he was recognized by the prestigious 100 Black Men Investors Club with their “Performance Award” for his “leadership, courage, kindness and unselfish character to enhance diversity in the face of adversity”.
In 2002, the NASD, as the key part of its strategy to focus exclusively on regulation and following its sale of NASDAQ, decided to divest the Amex. As the primary contact for this effort, Mr. Sodano worked with more than 40 interested buyers, resulting in the sale of the exchange to Amex members in 2003, with the transaction closing in 2004. Following the announcement of the deal, Mr. Sodano was instrumental in overseeing the transfer of ownership from NASD to The Amex Membership Corporation, enabling the Amex to establish itself – once again – as a strong and independent securities exchange.
Retiring from the Amex in April 2005, Mr. Sodano’s achievements included the development of three strong core businesses: Equities, ETFs and Options trading. During his tenure, the Amex’s closed-end funds and structured products businesses also grew into market leadership positions. Upon his retirement, the Amex board of governors, by board resolution dated April 20, 2005, expressed their sincere appreciation and gratitude “for his dedicated service and inspired leadership in advancing the purposes and objectives of the exchange”.
Mr. Sodano joined the NASD in 1997 as executive vice president and chief financial officer. In 1998, he became deputy chief operating officer & chief financial officer, and in 1999, he became chief operating officer & chief financial officer of the NASD and acting president of the Amex. In 2000, while serving as chairman and chief executive officer of the Amex, he was elected vice chairman of the NASD, a position he held until December 2004. He served as a member of the NASD board of governors from 1999 to 2004.
Mr. Sodano’s achievements at the NASD were many, including personally overseeing the “Reinvesting for the Future” program which resulted in ongoing annual savings of approximately $100 million. In 1999, Mr. Sodano was awarded the NASD Chairman’s Award by Frank Zarb, given to the employee who best demonstrated outstanding performance and leadership.
Mr. Sodano was part of the task force to monetize the value of NASD’s wholly owned subsidiary, NASDAQ. This included starting the process to make NASDAQ a publicly traded company. In addition to participating in all the technical requirements, Mr. Sodano personally made road show presentations to the CEO’s of Microsoft, Yahoo and Sun Microsystems, amongst others, ultimately resulting in the private placement of NASDAQ stock. This laid the groundwork for NASDAQ’s future as a publicly traded company.
Mr. Sodano also served as chairman and president of Securities Dealers Insurance Company, Ltd., a wholly-owned fidelity bond insurance subsidiary of the NASD from 1997 to 2004, and as a member of the board of directors of the Securities Industry Automation Corporation (SIAC) from 1999 to 2002.
Mr. Sodano was a key executive at Westpac Banking Corporation, Australia’s third largest bank, from 1990 to 1997. At the time of his departure, he was principal operating officer of the Americas Division, a multi-branch, multi-subsidiary $5 billion wholesale banking operation of the $100 billion global bank.
Earlier in his career, Mr. Sodano held increasingly responsible positions at Bankers Trust Company, before becoming vice president and group head, managing its worldwide functional controllership network and corporate accounting policy activities. He also held financial positions with Morgan Guaranty International Finance Corporation (J.P. Morgan) and Price Waterhouse.
Recognized globally for his efforts and contributions, Mr. Sodano was appointed by the Mayor of Beijing to serve on the Chinese Economic Zone Advisory Board for Zhongguancun Science Park, China’s premier high-tech development zone. He was also appointed to the FTSE/Xinhua Index Committee, which oversees the FTSE/Xinhua China series of domestic indexes for Mainland China.
He received the prestigious Ellis Island Medal of Honor in 2000, the Coalition of Italo-American Associations, Inc. Leadership in Finance and Investments Award in 2001, and the National Italian American Foundation’s Special Achievement in Business Award in 2003.
Widely respected for his business perspectives, Mr. Sodano has been a frequent guest on CNBC, CNN and the Fox News Channel, and is often quoted in publications such as The Wall Street Journal, The New York Times, and The Financial Times. Speaking regularly, often as a keynoter at leadership forums, his appearances have ranged from the National Press Club in Washington D.C., to the World New Economy Forum at China’s Great Hall of People, Beijing.
Hofstra University acknowledged Mr. Sodano’s professional achievement with its Alumni Achievement Award in 2000. In addition, Beta Alpha Psi, a national academic fraternity, selected him for its Outstanding Alumnus Award in 2002. Mr. Sodano was inducted into the Beta Gamma Sigma Honor Society, the national honor society of collegiate business schools, in 2007.
In 2007, Mr. Sodano was selected by Long Island Business News as “Who’s Who is Education”.
Mr. Sodano serves on the board of directors and is a member of the finance and development committees of Tomorrow’s Hope Foundation, whose mission is to promote Catholic elementary school education.
St. Vincent’s Services honored Mr. Sodano with the Fred and Nancy De Matteis Award in 2001, citing his dedication to the agency’s work in caring for needy and vulnerable children, and the Diocese of Brooklyn/Queens Futures in Education Foundation honored Mr. Sodano in 2003 for his commitment and support of needy students in Brooklyn and Queens Catholic schools.
Mr. Sodano received the Monsignor Thomas J. Hartman Award (“the Tommy”) in 2004 for business leadership, from Telecare, the television network of the Diocese of Rockville Centre.
In 2006, Mr. Sodano was honored for his leadership by The Columbia Association of U.S. Customs and Affiliated Federal Agencies.
In February 2011, Mr. Sodano was appointed chairman of the board of trustees of Catholic Health Services, Eastern Region, and chairman of Good Samaritan Hospital Medical Center, St. Charles Hospital and St. Catherine of Siena Medical Center. His tenure as chairman concluded in April 2012. In December 2007, Mr. Sodano became a member of the executive committee, chairman of the finance committee and was elected treasurer of Catholic Health Services of Long Island, Eastern Division which, among other entities, oversees Good Samaritan Hospital Medical Center, St. Charles Hospital and St. Catherine of Siena Medical Center. Mr. Sodano served as treasurer and as a member of the board of trustees for each hospital, and is a member of the planning and finance committees of the parent company, Catholic Health Services of Long Island.
Mr. Sodano was a member of a special three-person oversight committee to evaluate Catholic Health Services of Long Island, one of the largest hospital and healthcare networks in New York.
Mr. Sodano served as a member of the Financial Services Firms Advisory Council of the Lower Manhattan Development Corporation and is a member of The Economic Club of New York.
He was invested as a Knight, Sacred Military Constantinian Order of St. George, Royal House of Burbon in 2001; a Knight, Sovereign Military Order of Malta, 2003; and as associate member of the American Society of the Italian Legions of Merit.
Mr. Sodano received a bachelor’s degree in accounting and economics as well as a master’s in finance and investments from Hofstra University.