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- Adena Friedman
Adena Friedman
Alex Brogan
September 06, 2025 • Read Time: 12 minutes
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Good morning to all new and old readers! Here is your Saturday edition of Faster Than Normal, exploring the stories, ideas, and frameworks of the world’s most prolific people and companies—and how you can apply them to build businesses, wealth, and the most important asset of all: yourself.
Today, we’re covering Adena Friedman and her journey to the top of global finance through her grit, adaptability, and bold leadership..
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What you’ll learn:
How Adena Friedman climbed without shortcuts
Lessons on running towards opportunity, not away from discomfort, build a culture of "collaborative command, build a culture of "collaborative command
Quotes on risk-taking, customer focus, and daily motivation
Cheers,
Alex
P.S. Send me feedback on how we can improve. We want to be worthy of your time. I respond to every email.
Adena T. Friedman
Adena Friedman didn't start at the bottom. But she didn't start at the top either.
Born in Baltimore to a finance executive father and lawyer mother, Friedman had advantages. But she wasn't handed success. She earned it.
Her first role at Nasdaq in 1993? Unpaid intern. Fresh out of Vanderbilt with an MBA, Friedman took the unglamorous position to get her foot in the door.
"I always tell people to run towards opportunity," Friedman says. "Don't go somewhere new because you don't like where you are."
She ran. Fast.
Over the next two decades, Friedman climbed the Nasdaq ladder. Data products head. Chief Financial Officer. Each role a stepping stone.
But it wasn't all smooth sailing. In the late 1990s, Nasdaq's market share plummeted from 97% to 14% as tech startups disrupted the industry.
"We didn't weather that well," Friedman admits.
The setback taught her a crucial lesson: adapt or die. Under her leadership, Nasdaq pivoted. It reinvented itself as a technology company, not just a stock exchange.
In 2011, Friedman left Nasdaq for private equity firm Carlyle Group. As CFO, she guided the company through its 2012 IPO. The experience gave her invaluable perspective from the other side of the listing process.
Three years later, Nasdaq came calling again. Friedman returned as President and COO in 2014.
Then, in 2017, the big break. Friedman was named CEO of Nasdaq. The first woman to lead a major U.S. stock exchange.
"I wasn't at all aware of the level of influence this appointment would have," she says. "I had a lot of young women come to me and say, 'I can achieve anything now because I can see my way to the top.'"
Under Friedman's leadership, Nasdaq has thrived. It's now the second largest stock exchange in the world by market capitalization.
But Friedman isn't content with just running an exchange. She's pushing Nasdaq to democratize finance through technology.
"Capitalism, by its nature, gives the greatest opportunity to unlock human potential," she says. "But you have to make sure the system is available to everyone."
This vision drives Nasdaq's expansion into data analytics and technology services. The company now provides tech to over 130 global markets.
Friedman's success hasn't gone unnoticed. Forbes consistently ranks her among the world's most powerful women. In 2023, she placed 43rd on their list.
Yet she remains grounded. Focused on performance, not accolades.
"At the end of the day, my job is predicated on making Nasdaq an incredibly successful business for the long term," Friedman says. "Whether I'm male or female, that's what I'm going to be measured on. That's my report card."
From unpaid intern to CEO. It's not exactly rags-to-riches. But it's a testament to what determination, adaptability, and a willingness to seize opportunity can achieve.
Friedman's story isn't over. At 55, she's still pushing Nasdaq - and herself - forward.
"Complacency is the killer of every great company," she warns.
No risk of that here. For Adena Friedman and Nasdaq, it's still day one.
Lessons
Lesson 1: Run towards opportunity, not away from discomfort. Friedman started as an unpaid intern at Nasdaq after getting her MBA. She didn't wait for the perfect role. She seized the chance to get her foot in the door. "I always tell people to run towards opportunity," she says. "Don't go somewhere new because you don't like where you are." Look for opportunities to grow, even if they're not glamorous at first.
Lesson 2: Build a culture of "collaborative command. "Friedman combined Nasdaq's traditional command-and-control culture with the collaborative approach she learned at Carlyle Group. She calls it "collaborative command." You bring in different perspectives, but still make decisive calls. This balance can help you move fast while keeping your team engaged.
Lesson 3: Treat every day like it's your first on the job. Friedman avoids complacency by approaching each day with fresh eyes. "Have I brought my best self to the job every single day and do I treat every day as day one?" she asks herself. This mindset keeps her hungry and innovative. Never get too comfortable. Stay hungry.
Lesson 4: Use your position to create opportunities for others. As the first female CEO of a global stock exchange, Friedman initially tired of questions about her gender. Then she realized she could use her position to help other women reach leadership roles. Your success can be a platform to lift others up. Use it.
Lesson 5: Don't obsess over being first to market. When competing with the New York Stock Exchange, particularly on cryptocurrency, Friedman doesn't prioritize being a "first mover." Sometimes, it's better to watch and learn from others' mistakes. Then you can enter the market with a more refined product. Being first isn't always best. Sometimes it's smarter to be second and better.
Adena Friedman Quotes
On risk-taking: "You can't be successful in business without taking risks. It's really that simple."
On customer focus: "So you're focusing on yourself and being your best self, and usually that means you're serving your customer."
On daily motivation: "Have I brought my best self to the job every single day and do I treat every day as day one?"
On company purpose: "When [Milton] said the purpose of a company is to make a profit, it took a very narrow, myopic and transactional view of what companies were."
On leadership responsibility: "My role as a leader is to help individuals unlock their ambition."
On complacency: "Complacency is the killer of every great company."
On market timing: "Sometimes it's better to watch and learn from others' mistakes. Then you can enter the market with a more refined product."
On problem-solving: "Don't assume there is one panacea."
On gender equality: "I wasn't at all aware of the level of influence this appointment would have. I had a lot of young women come to me and say, 'I can achieve anything now because I can see my way to the top.'"
Further Readings
That’s all for today, folks. As always, please give me your feedback. Which section is your favourite? What do you want to see more or less of? Other suggestions? Please let me know.
Have a wonderful rest of week, all.
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