Robert Glauber, who headed the National Association of Securities Dealers for more than five years, will leave the regulator of Wall Street to become a visiting professor at Harvard University.

Glauber, 67, wil officially leave at the end of August. In addition to his teaching duties at Harvard, he also will join the board of troubled mortgage financer Freddie Mac.

At the NASD, Mary Shapiro, who served as NASD's president of regulatory policy, will succeed Glauber. Shapiro, 51, is also a former commissioner at the Securities and Exchange Commission.

A former U.S. Treasury undersecretary for finance, Glauber's tenure at the regulator was defined by a spate of Wall Street scandals and heightened regulation.

The NASD is the former parent of the Nasdaq stock market, which was spun off into a separate publicly held entity.

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