Advisory Board Biographies
Former Vice Chairman and Head of Emerging Markets
Hamid Biglari is former Vice Chairman of Citicorp, the strategic operating arm of Citigroup, where he had three executive responsibilities. As Head of Emerging Markets, he was responsible for prioritization, resource allocation and portfolio optimization globally across emerging markets countries, working closely with Citi’s regional CEOs. As Head of Content, he was responsibile for driving and leading Citigroup’s intellectual content generation, including its various Research departments. He was also Chairman of the Business Development Committee, the body that oversees the company’s institutional client activities.
Prior to that role, Dr. Biglari held a number of senior roles within the organization, including Chief Operating Officer of Citigroup's Institutional Clients Group (ICG), which represents the global investment banking and trading and sales arm of Citigroup/Citicorp.
Prior to joining Citigroup, Dr. Biglari was a Partner at McKinsey & Company, the international management consulting firm, where he co-led the Firm's investment banking consulting practice. His experience base spans the entire spectrum of consumer and wholesale financial services.
Prior to that, he was a theoretical research physicist at Princeton University's Plasma Physics Laboratory, the nation's leading center for controlled thermonuclear fusion research.
He is a member of the Council on Foreign Relations and a member of the Board of Trustees of the Asia Society. In 2009, Mr. Biglari was awarded the Ellis Island Medal of Honor, given for outstanding contributions by immigrants to the United States.
Dr. Biglari holds Ph.D. and M.S. degrees in Astrophysical Sciences from Princeton University. Prior to that, he received a B.S. in Applied Physics and a B.A. in Mathematics from Cornell University, both with Distinction.
President, Bogle Financial Markets Research Center
The Vanguard Group
John C. Bogle, is Founder of The Vanguard Group, Inc., and President of the Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as Chairman and Chief Executive Officer until 1996 and Senior Chairman until 2000. He had been associated with a predecessor company since 1951, immediately following his graduation from Princeton University, magna cum laude in Economics. He is a graduate of Blair Academy, Class of 1947.
The Vanguard Group is one of the two largest mutual fund organizations in the world. Headquartered in Malvern, Pennsylvania, Vanguard comprises more than 120 mutual funds with current assets totaling more than $1 trillion. Vanguard 500 Index Fund, the largest fund in the group, was founded by Mr. Bogle in 1975. It was the first index mutual fund. The story of his life and career is told in John Bogle and the Vanguard Experiment: One Man’s Quest to Transform the Mutual Fund Industry, by Robert Slater (1996).
In 2004, TIME magazine named Mr. Bogle as one of the world’s 100 most powerful and influential people, and Institutional Investor presented him with its Lifetime Achievement Award. In 1999, Fortune designated him as one of the investment industry’s four “Giants of the 20th Century.” In the same year, he received the Woodrow Wilson Award from Princeton University for “distinguished achievement in the Nation’s service.” In 1997, he was named one of the “Financial Leaders of the 20th Century” in Leadership in Financial Services (Macmillan Press Ltd., 1997). In 1998, Mr. Bogle was presented the Award for Professional Excellence from the Association for Investment Management and Research (now the CFA Institute), and in 1999 he was inducted into the Hall of Fame of the Fixed Income Analysts Society, Inc.
Mr. Bogle is a best-selling author, beginning with Bogle on Mutual Funds: New Perspectives for the Intelligent Investor (1993); Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (1999); John Bogle on Investing: The First 50 Years (2000); Character Counts: The Creation and Building of The Vanguard Group (2002); Battle for the Soul of Capitalism (2005); The Little Book of Common Sense Investing (2007); and Enough: True Measures of Money, Business, and Life (2008). His eighth book, Common Sense on Mutual Funds, Fully Updated 10th Anniversary Edition, was published by John Wiley and Sons in November 2009.
Mr. Bogle served as Chairman of the Board of Governors of the Investment Company Institute in 1969-1970, and as a member of the Board in 1969-1974. In 1997, he was appointed by then-U.S. Securities and Exchange Commission Chairman Arthur Levitt to serve on the Independence Standards Board. In 2000, he was named by the Commonwealth’s Chamber of Commerce as Pennsylvania’s Business Leader of the Year.
He served as Chairman of the Board of the National Constitution Center from September 1999 through January 2007, and was a Director of Instinet Corporation until December 2005. He was a member of The Conference Board’s Commission on Public Trust and Private Enterprise, and is a Fellow of the American Philosophical Society, and the American Academy of Arts and Sciences. A Trustee of Blair Academy, he served as Chairman in 1986-2001. He has received honorary doctorate degrees from the University of Delaware, University of Rochester, New School University, Susquehanna University, Eastern University, Widener University, Albright College, Pennsylvania State University, Drexel University, Immaculata University, Princeton University, Georgetown University, and Trinity College.
Mr. Bogle was born in Montclair, New Jersey, on May 8, 1929. He now resides in Bryn Mawr, Pennsylvania, with his wife, Eve. They are the parents of six children and the grandparents of twelve.
Vice Chairman (retired)
Richard Bott worked at two of the world’s foremost investment banks for over thirty-five years, including almost ten years as Vice Chairman. He provided financial structuring and strategic advice to numerous large American and international corporations at Morgan Stanley and First Boston/Credit Suisse First Boston (now Credit Suisse).
John L. Cecil
Chairman & Chief Executive Officer
Eagle Knolls Capital
John L. Cecil, is a private investor, and since 2005 has served as an advisor to a number of financial services institutions, including Epoch Investment Partners, Lehman Brothers, the New York Stock Exchange, and Neuberger Berman.
Previously, Mr. Cecil served as Chairman of CP Kelco, a privately-held specialty chemicals company beginning in 2001. He oversaw the successful turnaround at the company, culminating in its sale at the end of 2004.
Prior to CP Kelco, Mr. Cecil was the Chief Financial and Administrative Officer of Lehman Brothers Holdings Inc. from 1994 until 2000. He was also a member of the Lehman Brothers’ Operating and Executive Committees.
Prior to Lehman Brothers, Mr. Cecil was a Director in the New York City office of McKinsey & Company, Inc. Mr. Cecil joined McKinsey in 1980, was elected partner in 1986, and was a Director from 1991 through 1993.
Mr. Cecil graduated with honors from Princeton University in 1976 with an A.B. in public and international affairs from the Woodrow Wilson School. He graduated from Harvard Law School with a J.D. Magna Cum Laude in 1980 and, the same year, received his M.B.A. from Harvard Business School, graduating as a Baker Scholar.
Mr. Cecil is a Senior Vice Chairman of the Board of Directors of Graham-Windham Agency and is also on the Board of Directors of The Graham School (a New York Special Act Public School). He is a member of the Advisory Council of the Bendheim Center for Finance at Princeton University. Finally, Mr. Cecil serves on the Wildlife Conservation Society’s Global Conservation Council.
Howard E. Cox, Jr.
Greylock Management Corporation
Mr. Cox joined Greylock in 1971 after two years in the Office of the Secretary of Defense (Systems Analysis). Mr. Cox j, along with Greylock's founding partners, received the Harvard Business School Award for Alumni Achievement in 2003. Mr. Cox j currently serves on the boards of Stryker , In-Q-Tel, and Secretary of Defense Business Board. He is a trustee of various Fidelity Mutual Funds. He is a graduate of Princeton University, Columbia Law School and the Harvard Business School, and he is a former Chairman of the National Venture Capital Association.
David A. DeNunzio
Vice Chairman, Mergers and Acquisitions
David A. DeNunzio is a Vice Chairman of Credit Suisse in the Mergers & Acquisitions group within the Investment Banking division, based in New York. He has more than 25 years of experience in all aspects of financial advisory services, including divestitures, buyer advisory services, mergers, recapitalizations and takeover defense. Mr. DeNunzio also serves on the Investment Banking Committee. Mr. DeNunzio was recently named one of the top 30 M&A investment bankers by Dealmaker Magazine. Prior to his current responsibilities, Mr. DeNunzio was Deputy Global Head of Credit Suisse First Boston Private Equity (CSFB PE), which he headed prior to CSFB's merger with DLJ. His previous positions include managing the integration of the former Credit Suisse's wholesale banking and securities businesses with the former CSFB, Head of the Bank's investment banking business in the Eastern United States and Canada and managing the Bank's investment banking activities in the insurance industry.
Before he joined the Bank in 1989, Mr. DeNunzio was a Senior Vice President at Kidder, Peabody & Co. Incorporated.
Mr. DeNunzio received his A.B. in Economics, magna cum laude, from Princeton University and his M.B.A. from Harvard Business School. He is a member of the Advisory Council of The Bendheim Center for Finance at Princeton University and a past President of the Board of Trustees of The Greenwich Country Day School.
J. Michael Evans
Goldman Sachs & Co.
Michael Evans has been a Vice Chairman of Goldman Sachs since February 2008 and chairman of Goldman Sachs Asia since 2004. Prior to becoming a Vice Chairman, he had served as global co-head of Goldman Sachs’ securities business since 2003. Previously, he had been co-head of the Equities Division since 2001. Mr. Evans is a board member of CASPER (Center for Advancement of Standards-based Physical Education Reform).
Chairman and Chief Investment Officer
Arminio Fraga is the founding partner at Gavea Investimentos, an investment management firm he founded in August, 2003, based in Rio de Janeiro, Brazil, and Chairman of the Board, BM&F Bovespa, Brazil’s securities, commodities and derivatives exchange, since April 2009.
Mr. Fraga was the President of the Central Bank of Brazil from March 1999 to December 2002. From 1993 until his appointment as governor of the Central Bank, he was managing director of Soros Fund Management in New York. From 1991 to 1992, he was the director responsible for international affairs at the Central Bank of Brazil. Earlier in his career, he held positions with Salomon Brothers and Garantia Investment Bank.
Mr. Fraga has taught at the Catholic University of Rio de Janeiro, the Graduate School of Economics at Getulio Vargas Foundation, the School of International Affairs at Columbia University and the Wharton School.
Mr. Fraga has published widely in the areas of international finance, macroeconomics, and monetary policy. Mr. Fraga earned his Ph.D. in Economics from Princeton University in 1985, and his BA/MA in Economics from the Catholic University of Rio de Janeiro, in 1981.
Advisory Vice Chairman
Morgan Stanley & Co.
John is a Senior Advisor at Morgan Stanley & Co. He joined Morgan Stanley in 1976 and was responsible for building the European Investment Banking business of Morgan Stanley. John was formerly Vice Chairman of Morgan Stanley & Co International. He is a director of Molnlycke Healthcare AB, Tele2 AB and the Grand Hotel in Stockholm. John is an Industrial Advisor to EQT Partners and sits on the Investment Committee of their Infrastructure and Credit Funds. John is a Trustee of the Lakefield College School Foundation in Canada, and a Trustee of the Learning School Trust in London.
Co-Founder and Chief Executive Officer
NGP Energy Capital Management
Kenneth A. Hersh, 50, is a Co-Founder and the Chief Executive Officer of NGP Energy Capital Management, a premier investment franchise in the natural resources industry. Mr. Hersh is responsible for directing the strategic and investment activities of the firm. magna cum laude graduate of Princeton University. In 1989, he received his M.B.A. from Stanford University’s Graduate School of Business where he graduated as an Arjay Miller Scholar. For further information, please refer to www.ngpenergycapital.com
Founded in 1988, NGP together with its affiliates has managed approximately $13 billion of cumulative committed capital, made over 230 investments in natural resources companies throughout North America and has achieved a 25-year gross IRR in excess of 30%.
Mr. Hersh currently serves as a director of numerous public and private companies. He is a Senior Advisor for The Carlyle Group and serves on the Dean’s Council of the Harvard Kennedy School and on the Advisory Councils of the Graduate School of Business at Stanford University and The Bendheim Center for Finance at Princeton University. Mr. Hersh is a member of the Council on Foreign Relations and the World Economic Forum where he has been a featured speaker at its annual meeting in Davos, Switzerland.
Prior to co-founding NGP in 1988, Mr. Hersh was employed by the investment banking division of Morgan Stanley & Co.
Mr. Hersh is a 1985 magna cum laude graduate of Princeton University. In 1989, he received his M.B.A. from Stanford University’s Graduate School of Business where he graduated as an Arjay Miller Scholar.
William H. Heyman
Vice Chairman and Chief Investment Officer
The Travelers Companies
William H. Heyman is Vice Chairman and Chief Investment Officer, and a member of the Management Committee, of The Travelers Companies, Inc. [NYSE: TRV], a major U.S. property and liability insurance company, and responsible for all Travelers’ public and private investment activities, with a portfolio of approximately $75 billion.
Mr. Heyman is also a director of the Securities Investor Protection Corporation, having been nominated by President George W. Bush in 2006 and confirmed by the US Senate on July 23, 2007. He is chairman of SIPC’s investment committee. In addition, he is a member of the Board of Governors and the Executive Committee of the Financial Industry Regulatory Authority (FINRA), the successor to the NASD (of which he was also a Governor).
From August 2002 until August 2005, while it was a subsidiary of what was then St. Paul Travelers, Mr. Heyman was a director of Nuveen Investments, Inc. [NYSE: JNC]. From May 2000 through May 2008, he was an independent director of Max Capital Group, Ltd. [NASDAQ: MXGL], a Bermuda-based insurance holding company, a member of its executive committee, and chairman of its audit and risk management committee.
Until March, 2002, Mr. Heyman was Chairman of Citigroup Investments Inc., which managed Citigroup’s proprietary investments. His responsibilities included all public and private equity-related investments, real estate, and alternative investments, as well as Citigroup’s pension fund. He founded and was Chief Executive Officer of Tribeca Investments, L.L.C., a Citigroup subsidiary (and NYSE member firm) which conducted merger arbitrage, convertible hedging, and distressed securities investing.
Mr. Heyman rejoined Citigroup in 1995. From 1993 to 1995 he was a managing director, and head of the Private Investment Department, of Salomon Brothers Inc. From 1991 to 1993, Mr. Heyman was Director of the Division of Market Regulation of the U.S. Securities and Exchange Commission in Washington, D.C.
Before entering government, Mr. Heyman was head of the arbitrage department of Smith Barney, and before that, for nine years in the 1980s, he ran his own broker-dealer, Mercury Securities, also in the arbitrage business. He began his career as a securities lawyer, principally with Cravath, Swaine & Moore.
Mr. Heyman received his B.A., magna cum laude, from Princeton University, where he was elected to Phi Beta Kappa, and his law degree, cum laude, from Harvard Law School.
He is currently a member of the Advisory Council of the Bendheim Center for Finance at Princeton University; the Economic Club of New York; and the Council on Foreign Relations. In addition, he is a member of the Advisory Board of New York City Student Sponsor Partners, which supports at-risk New York City high school students in the City’s parochial schools.
Mr. Heyman is married to Katherine (Wendy) Dietze, and they live in New York City with a son from her first marriage.
Alfred F. Hurley, Jr.
Mr. Hurley was a Vice Chairman of Emigrant Bancorp and Emigrant Bank from 2007 to December 2012 and is now a consultant to the Bank. Emigrant Bancorp and its affiliates comprise one of the largest privately owned banks ($10 + billion of assets) in the United States.Emigrant’s businesses include commercial real estate, asset-backed, middle market, residential and multi-family/multi-use lending, direct private equity investing, high net worth wealth management, and trust services. Mr. Hurley joined Emigrant in 2007 and his responsibilities included advising the Bank’s Chairman and CEO on strategic planning, acquisitions and divestitures, asset/liability management, internet banking, and new products. He also served as the Chairman of the Bank’s Credit and Risk Management Committee and was the Bank’s acting Chief Risk Officer.
Before joining Emigrant, Mr. Hurley was the Chief Executive Officer from 2004 to 2007 of M. Safra & Co., which is a private money management firm owned by a prominent Brazilian family. The firm’s multi-billion dollar investment activities included global macroeconomic/emerging markets trading, long/short public equity investing, direct private equity, and third-party hedge and private equity funds.
Prior to joining M. Safra, Mr. Hurley worked at Merrill Lynch (“ML”) from 1976 to 2004. His most recent management positions included Senior Vice President of ML and Head of Global Private Equity Investing, Managing Director and Head of Japan Investment Banking and Capital Markets, Managing Director and Co-Head of the Global Manufacturing and Services Group, and Managing Director and Head of the Global Automotive, Aerospace and Transportation Group. In addition to his management duties, Mr. Hurley was responsible for developing and managing ML’s relationships with, as well as leading the execution of many significant advisory assignments and financing transactions for, a number of its largest clients. As part of his management duties described above, he was a member of the Corporate and Institutional Client Group (“CICG”) Executive Committee which had global responsibility for the firm’s equity, debt, investment banking and private equity businesses, a member of the Japan CICG Executive Committee, and a member of the Global Investment Banking Management and Operating Group Committees.
William H. Janeway
William H. Janeway is Senior Advisor at Warburg Pincus. He joined Warburg Pincus in 1988 and was responsible for building the information technology investment practice. Previously, he was executive vice president and director at Eberstadt Fleming. Dr. Janeway is a director of Magnet Systems, Nuance Communications, O'Reilly Media, and a member of the Board of Managers of Roubini Global Economics.
Hugh E. McGee III
Hugh (Skip) McGee III is Chief Executive, Barclays Americas. He is a member of the firm's Executive Committee and both the Executive Committee and Operating Committee of Corporate and Investment Banking.
Mr. McGee previously served as Global Head of the Investment Banking Division at Lehman Brothers Holdings Inc. following his appointment to the position in 2002. Additionally, Mr. McGee served as a member of Lehman Brothers’ Executive Committee and Chairman of the Investment Banking Executive Committee.
Prior to his role as Global Head of Investment Banking Division, Mr. McGee was Head of Lehman Brothers’ Global Natural Resources and Power Investment Banking groups and a member of the Operating Committee of Investment Banking.
Mr. McGee joined Lehman Brothers in 1993 and spent most of his career advising energy/power investment banking clients. His clients represent all sectors of the energy/power business in both a strategic advisory and financing capacity.
Mr. McGee graduated summa cum laude from Princeton University with a BS in Systems Engineering and received a JD (Honors) from the University of Texas School of Law.
Heidi G. Miller
Former President, JPMorgan International
Heidi Goldberg Miller ‘74 is the former President of JPMorgan International and former chief executive officer of JPMorgan Chase & Co.’s Treasury & Securities Services (TSS) unit.
Miller has been recognized as one of the most powerful women in business for her consistent ability to create bottom line growth, despite market volatility. Ms. Miller’s leadership made TSS one of the most profitable business units at J.P. Morgan, resulting in record increases in net income and net revenue.
As a member of J.P. Morgan’s operating committee, she played an integral role in JPMorgan Chase’s management team. Miller was in charge of broadening the firm’s international footprint and strengthening the strategic partnerships between the Investment Bank, Asset Management and TSS.
Miller serves on the General Mills, Inc. Board of Directors as well as the Board of Conservation International and is a trustee of Princeton University, where she earned her undergraduate degree in history. Miller earned her doctorate degree in history from Yale. She is a member of the Bendheim Center for Finance Advisory Council.
Jeffrey M. Peek
Chairman of the Advisory Council
Jeffrey M. Peek is Vice Chairman, Investment Banking at Barclays . He is the former Chief Executive Officer and Chairman of the Board of Directors of CIT Group Inc. In 2003 , Mr. Peek joined CIT as President and Chief Operating Officer.
While Vice Chairman at Credit Suisse First Boston LLC ("CSFB") from 2002 to 2003 , Mr. Peek was responsible for the firm 's Financial Services Division which included Credit Suisse Asset Management, Pershing , and Private Client Services. He was on the Group Executive Board of Credit Suisse Group as well as a member of CSFB's Executive Board and Operating Committee.
Prior to joining CSFB , Mr. Peek was with Merrill Lynch since 1983 where he held a variety of management positions. He rose to the level of Executive Vice President of Merrill Lynch & Co., Inc. and was President of Merrill Lynch Investment Managers . He also served on the Executive Management Committee of Merrill Lynch & Co., Inc.
Mr. Peek is a graduate of the Woodrow Wilson School of Princeton University where he received a bachelor's degree in International Affairs. He holds a Masters Degree in Business Admin istration from Harvard Business School.
Mr. Peek is Chairman of the U.S. Advisory Board at Strategic Value Partners, a distressed hedge fund. He is also a Trustee of The Metropolitan Museum of Art , a member of the Board of Directors of The New York City Ballet, Chairman of the Advisory Council for the Bendheim Center for Finance at Princeton University , and Chairman of the U.S. Corporate Advisory Board of the National Theatre.
Lynn B. Thoman
Leon Lowenstein Foundation
Lynn B. Thoman is a broadly experienced international executive whose professional activities include philanthropy, international business and education. She is co-President of the Leon Lowenstein Foundation, which focuses on education, health care, and medical research. In addition to being co-President of the Lowenstein Foundation, she is Managing Partner of Corporate Perspectives, an investment and management advisory firm. Prior to that, she worked at American Express where she was responsible for marketing for Card, Travel and Travelers Cheques for all countries outside the United States. She also managed strategic planning and prior to that, she managed the foreign exchange exposure for all divisions of American Express.
Ms. Thoman is co-Chair of the Advisory Council of the Woodrow Wilson School of Public and International Affairs (Princeton University); a member of the Steering Committee of Women In Leadership at Princeton; and a member of the Board of Harvard Medical School, the Brookings Institution; and Leadership Enterprise for a Diverse America (LEDA). In addition, she is a member of Harvard’s Global Health Advisory Council, the New York Academy of Sciences, Business Executives For National Security and the Global Philanthropists Circle. She is also an Honorary Trustee of The Nature Conservancy ENY.
She holds a BA in economics from Princeton and an MBA from Harvard Business School.