SEC Advisory Committee on Small and Emerging Companies
Member Professional Biographies
Co-Chairs of Advisory Committee
Stephen M. Graham is co-chair of Fenwick & West’s Life Sciences Practice, is a partner in the corporate group and is a member of the firm’s executive committee. He is resident in the firm’s Seattle office, where he is the Managing Partner. Mr. Graham focuses his practice in the areas of private and public mergers and acquisitions, public offerings, private placements, and corporate governance matters, including advising boards of directors and audit, compensation and nominating/corporate governance committees, preparation and filing of periodic SEC reports, and other securities law compliance, including Sarbanes-Oxley Act matters and disclosure issues with respect to Rule 10b-5 and Regulation FD. His diverse practice is focused on the representation of emerging and established high growth companies. Mr. Graham has represented companies and investment banks in numerous initial public offerings, a wide variety of merger and acquisition transactions, and private offerings of debt and equity. Mr. Graham has been recognized by Chambers USA as one of the top corporate and mergers and acquisitions lawyers in Washington. He is also a “Super Lawyer” award recipient, 2000 - 2011, was ranked as one of the Top 100 Super Lawyers in 2005 by Washington Law & Politics, received the Top Lawyers award from Seattle Magazine in 2003, is listed in Who’s Who in America by Marquis Biographical Reference, and is a member of Pi Sigma Alpha. He is active in community affairs, currently serving on the Board of Directors of the Fred Hutchinson Cancer Research Center, the Institute for Systems Biology and the Washington Biotechnology & Biomedical Association. Mr. Graham also serves as a member of the College of Liberal Arts and Sciences Dean's Advisory Council of Iowa State University. Prior to joining Fenwick & West, Mr. Graham was a corporate partner with Orrick, Herrington & Sutcliffe LLP, where he was the chair of the global Corporate Practice Group. Mr. Graham received his J.D. from Yale Law School and his B.S. from Iowa State University.
M. Christine Jacobs is Chairman, CEO and President of Theragenics Corporation, an NYSE medical device company. Ms. Jacobs is a member of the Board of Directors of McKesson Corporation, a healthcare products and services provider also listed on the NYSE. She serves on McKesson’s Compensation and Governance Committees. Ms. Jacobs sits on the Boards of the Georgia State University Foundation, the Board of Councilors of the Carter Center in Atlanta, the American Council for Capital Formation and Friends of Centers for Disease Control and Prevention. Ms. Jacobs previously served as a member of the Board of Directors of Landauer, Inc., an NYSE-listed company, until 2006 where she served on the Audit and Compensation Committees. In addition to bringing vast knowledge of publically listed company business, structure and history, Ms. Jacobs has deep healthcare industry knowledge from her experience at Theragenics, her role at McKesson, and her formal training, education and prior experience in the field of medical technology. Ms. Jacobs provides unique insight into legislative and reimbursement issues critical to any company engaged in healthcare related industries. She is a member of the American Brachytherapy Society, the Georgia Chamber of Commerce, and the American Society of Clinical Pathologists.
Other Members of Advisory Committee
A. Heath Abshure is the Arkansas Securities Commissioner. He was appointed Commissioner in December 2007 by Governor Mike Beebe. In this role, Mr. Abshure oversees the Arkansas Securities Department, the state agency charged with oversight of all aspects of the securities industry, as well as certain aspects of the mortgage lending and money services industries. Mr. Abshure serves as Chairman of the North American Securities Administrators Association (NASAA) Corporation Finance Section Committee. He is a board member of Economics Arkansas, a private, non-profit, educational organization founded in 1962 to promote economic literacy in Arkansas, and serves as an Adjunct Professor at the University of Arkansas at Little Rock Law School, William H. Bowen School of Law, teaching Securities Regulation. Mr. Abshure began his legal career with the Little Rock firm of Giroir Gregory Holmes & Hoover. In 2000, Mr. Abshure joined the U.S. Securities and Exchange Commission, where he served as Senior Attorney-Adviser in the Office of the Administrative Law Judges. In July 2002, he returned to Little Rock and joined the firm of Williams & Anderson, specializing in corporate securities and municipal bond issues. Mr. Abshure graduated cum laude from Christian Brothers University in Memphis, Tennessee, with a bachelor’s degree in Business Administration. He obtained his law degree from the University of Arkansas at Little Rock, William H. Bowen School of Law, with high honors. While working at the SEC, Mr. Abshure attended the Georgetown University Law Center and obtained a Master of Laws with distinction in Securities and Financial Regulation.
David A. Bochnowski is Chairman and Chief Executive Officer of the Northwest Indiana Bancorp, a public company and serves in the same capacity at Peoples Bank, the Bancorp’s operating subsidiary. He has held his present position since 1981. Dave is a native of Northwest Indiana and received his undergraduate and Law degrees from Georgetown University as well as a Master’s Degree from Howard University. He is an Army veteran of Vietnam and was awarded the Bronze Star for his service in that conflict. His career includes having served as a Special Assistant to Senator Birch Bayh and as a law clerk to United States District Court Judge James Noland. He has been active in state and national banking associations and has testified before Congress, the Federal Reserve, and the Securities and Exchange Commission on issues related to banking and small business. In 2001 he was appointed Chairman of the Indiana Department of Financial Institutions by the Governor Frank O’Bannon. Dave has been active in numerous community activities including current service as a Trustee of the Legacy Foundation, the Quality of Life Council, the Purdue University Technology Center, Calumet College, the Gary YWCA and the Community Hospital System. He was awarded the Sagamore of the Wabash, Indiana’s highest citizen award, by Indiana’s Governor for his achievements and his community leadership. He is also a member of the Northwest Indiana Business and Industry Hall of Fame. Dave and his wife Ann have been married for thirty four years and have four adult children.
John J. Borer III is Senior Managing Director and Head of Investment Banking at The Benchmark Company, LLC. Until June 2012, Mr. Borer was a Senior Managing Director and Head of Investment Banking of Rodman & Renshaw, LLC. Mr. Borer joined Rodman & Renshaw, LLC, in 1998 as a Senior Managing Director and president of Rodman & Renshaw, LLC. From 1991 through 1998, Mr. Borer was a managing director and head of investment banking at the broker-dealer affiliate of the original Rodman & Renshaw firm. From 1984 through 1991, Mr. Borer was senior vice president and investment manager in the new business development office of Security Pacific Business Credit Inc. From 1979 through 1984, he served as a vice president and business development officer with Barclays American Business Credit in its Los Angeles office. Mr. Borer received his B.S. in Agricultural Economics from the University of California at Davis in 1978 and his J.D. from Loyola Law School in Los Angeles in 1984.
Dan Chace is Portfolio Manager for the Wasatch Micro Cap Fund and joined Wasatch Advisors in 2002. The Wasatch Micro Cap Fund is a mutual fund focused on investments in growth companies in the smallest market capitalization range of the public equity markets. Dan has been in the finance industry since 1996, and began his career in New York working for J.P. Morgan Securities, SG Cowen Securities, Merrill Lynch, and Oppenheimer & Co. as an equities analyst following Latin American financial institutions. He earned a Master of Business Administration from Harvard Business School and completed his undergraduate studies at Pomona College, receiving a Bachelor of Arts in Cultural Anthropology. Dan spent two years in Paraguay as a volunteer with the United States Peace Corps.
Milton Chang is an entrepreneur and investor. He was President/CEO of Newport Corporation and New Focus, Inc, which he subsequently took public. As an angel investor, he served on the boards of Uniphase (now JDSU) and 11 other startups that either went public or were acquired. Today he writes a monthly business/ management column for the trade publication Laser Focus World, sits on the boards of several startup companies, and advices entrepreneurs. Dr. Chang earned his BS engineering degree with highest honors from the University of Illinois and PhD from the California Institute of Technology. He was awarded Distinguished Alumni from both U of I and Caltech and is currently a trustee of Caltech. He also attended the Harvard Owner/President Management Program (OPM) and was a member of the Young President Organization (YPO). He is also a member of Committee of 100.
Leroy Dennis began his career in public accounting with McGladrey in 1978 and has actively served the needs of midsized companies as an audit partner and as the Firm's Executive Partner – Assurance Services. He also has served the profession as a member of the Public Company Accounting Oversight Board Standing Advisory Group, Center for Audit Quality (CAQ) Coordinating Executive Committee, CAQ Professional Practice Executive Committee, and SEC Advisory Committee on Smaller Public Companies. In addition to serving on the newly formed SEC Advisory Committee on Small and Emerging Companies, Leroy also currently serves on the Governing Council of the American Institute of Certified Public Accountants (AICPA), the AICPA Federal Legislative Task Force, and the AICPA Major Firms Group.
Sean Greene is the Associate Administrator for Investment and Special Advisor for Innovation at the U.S. Small Business Administration (SBA). He is responsible for both the Small Business Investment Company (SBIC) program, a growth capital program with approximately $16 billion of assets under management, as well as the Small Business Investment Research (SBIR) program, one of the government's largest innovation programs, which provides over $2 billion of R&D funding to small businesses each year. He also leads SBA's efforts focused on stimulating high-growth entrepreneurship and has been one of the leaders in the Administration's Startup America initiative. Greene brings 20 years of experience as an entrepreneur, investor, and business strategist to the SBA. He was the founder and CEO of Away.com, an online travel company that he sold to Orbitz. He was also a co-founder of Rock Creek Ventures and LaunchBox Digital, a seed-stage investment firm in Washington, D.C. Previously Greene was a management consultant with McKinsey and Co. Greene holds an AB from Princeton University, an MBA from Yale’s School of Management, and was a Fulbright Scholar at the National University of Singapore.
Shannon L. Greene has served as the Chief Financial Officer and Treasurer of The Tandy Leather Company since May 2000 and as a director since January 2001. From September 1997 to May 2000, Ms. Greene served as the company’s controller and assistant controller. Ms. Greene, a certified public accountant, chairs the company’s 401(k) Plan Committee. Her professional affiliations include the American Institute of Certified Public Accountants, the Texas Society of Certified Public Accountants, and Financial Executives International. She also serves on the Board of Directors of the U.S. Chamber of Commerce and is Chairman of the U.S. Chamber’s Corporate Leadership Advisory Council.
Kara B. Jenny is Chief Financial Officer of Bluefly, Inc., the online destination offering exclusive designer merchandise at considerable values starting at 40% off retail prices. Kara joined Bluefly in 1999 as Vice President of Finance and was appointed Chief Financial Officer in March 2008. As CFO, Kara works closely with Bluefly’s CEO, COO, and Chairman of the Board regarding the overall corporate strategy. She has also been instrumental in the development of the company’s financial strategy and manages the day-to-day financial and accounting operations. Kara also oversees the operations of the business, specifically managing the relationship with the third party distribution center, the customer service and legal function. In her tenure at Bluefly, Kara has been a key contributor in helping to scale the company’s business through streamlining the finance and accounting operations, managing vendor relationships, and raising capital. Kara oversees the SOX and SEC compliance efforts throughout the company and has created and managed the strategic and annual planning processes. She has also been a key contributor in facilitating several rounds of equity financing, including Preferred Stock Offerings, PIPE’s, Rights Offerings, and Common Stock Offerings. Prior to joining Bluefly, Kara was an Experienced Audit Manager at Andersen LLP. She spent 8 years in their New York Office’s Enterprise Group which serviced the needs of small businesses. In addition to providing audit and advisory services, she was involved in various transactions including acquisitions, public offerings, private equity and debt offerings, primarily in the retail and technology arena. Kara is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants. She currently lives on Long Island with her husband and two children.
Richard L. Leza joined Exar Corporation as a Director in October 2005 and was elected Chairman in September 2006. He was appointed as the acting Chief Executive Officer and President (Interim) of the Company in February 2007, and he served in that position until August 2007. Mr. Leza has been retired since August 2007. Previously, Mr. Leza was the founder, Chairman and Chief Executive Officer of AI Research Corporation, an early stage venture capital firm specializing in the areas of business-to-business software, information technology, medical devices and medical analytical software applications. Mr. Leza served in such position, which was his principal occupation and employment, from 1988 to 2007. Mr. Leza also served as a director of AI Research Corporation from 1988 to 2007. He was also the co-founder, past Chairman and past President of Hispanic-Net, a non-profit organization. From 1998 to 2001, Mr. Leza was the co-founder, Chairman and Chief Executive Officer of CastaLink, Inc., a provider of a web-based supply chain collaboration solution. From 1997 to 1999, Mr. Leza served as co-founder, Chairman and Chief Executive Officer of NucleoTech Corporation, an application software company focused on digital image-driven analytical DNA software solutions. From 1982 to 1988, he was co-founder, Chairman and Chief Executive Officer of RMC Group, Inc., which provided management and research services for public and private technology companies. Mr. Leza was a board member of the Stanford Graduate School of Business Advisory Council from 2001 to 2007 and is Emeriti Director of the New Mexico State University Foundation Board. He is a three time member of Hispanic Business Magazine’s top 100 influential Hispanics in the United States. He is the author of various publications, writing on topics such as exporting, venture capital and developing business plans. Mr. Leza earned an MBA from Stanford University Graduate School of Business and a BS in Civil Engineering from New Mexico State University.
Paul Maeder is a General Partner and Founder of Highland Capital Partners and has over 27 years of experience in venture capital. He is the current Chair of the National Venture Capital Association. He serves on the boards of 2tor, Avidyne, BlueTarp, Heartland Robotics, Imprivata, PerkStreet Financial, Predictive Biosciences, and Village Ventures. Paul is a former director of Amp Resources, Avid Technology, Bit9, CheckFree, Chipcom, HighGround, Mainspring, Relicore, Software Clearing House, SQA, Sybase, Vertica, VistaPrint, and WebLine Communications. He has been recognized by the Forbes Midas List as one of the country’s top venture capitalists and is the 2008 recipient of the Mass Technology Leadership Council Commonwealth Award. Paul is a past President of the Business Associates Club, a former Chair of the Board of the Massachusetts Chapter of The Nature Conservancy, the Buckingham Browne & Nichols School and Harvard Business School Business Plan Contest. He serves on several advisory committees at the engineering schools of Princeton University and Harvard University. Mr. Maeder holds a B.S.E. from Princeton University in Aerospace and Mechanical Sciences, an M.S. from Stanford University in Mechanical Engineering, and an MBA with Distinction from Harvard Business School.
Kathleen A. McGowan joined VaxInnate as Chief Financial Officer in January 2013. Kathleen brings 30 years of diversified financial experience in the pharmaceutical and biotech industry. From 2008-2012 she served as the Vice President, Finance, at Tobira, a privately-held biopharmaceutical company developing innovative therapies for treatment of HIV infection. Prior to Tobira, she was Director, Finance & Controller (Chief Accounting Officer) for Discovery Laboratories, Inc., a publicly-held biotech company focused on advancing respiratory critical care. From 2000-2004, she served as Director of Financial Analysis at Claneil Enterprises, Inc., a private equity investment firm. Previously, Kathleen served as Financial Controller at The Liposome Company, Inc., a publicly-held biotech company acquired by Elan Corporation, plc., and was Controller at Nelson Communications. From 1983 to 1995, Kathleen held various financial management positions with Johnson & Johnson, primarily at Ortho-McNeil Pharmaceutical and Johnson & Johnson Corporate. Kathleen received her B.S. in Finance and Accounting from Drexel University and holds an M.B.A. in Finance from Fairleigh Dickinson University.
Catherine V. Mott is a founder and CEO of BlueTree Capital Group and BlueTree Allied Angels located in Wexford, PA (suburb of Pittsburgh, PA.). BlueTree Allied Angels is one of 300 professionally managed angel investor networks in US and Canada. As of January 2011, BlueTree Allied Angels has invested ~ $16 million in 25 regional companies. Ms. Mott is the past Chairman of the Angel Capital Education Foundation, an organization that researches angel capital, tracks angel capital, and provides education to bring professionalism and ethics to the industry. In July 2010, she was named Chairman of the Board of the Angel Capital Association, the professional trade association for Angel Networks and Angel Funds in the U.S. Ms. Mott has been a speaker/panelist at national and regional conferences: the National Association of Seed and Venture Funds (NASVF) annual conference, the Angel Capital Association annual summit, the State Science and Technology Initiative (SSTI) Annual Conference, as well as the Michigan Growth Capital Conference and North Carolina’s Angel Investor Summit. In 2009, she served as a Corporate Ambassador for the US Dept of State representing professional managers of Angel Networks in the US. Catherine has been quoted or featured in many professional industry publications as one of the few women who represent the industry of angel capital/venture capital – Red Herring, The Scientist, The New York Times, PA KeyNotes, Wall St Journal, The Angel Journal, TEQ, Pop City, FanFare, and the Pittsburgh Business Times. BlueTree Allied Angels was listed in INC magazine in 2009 as one of the Top 50 angel investors networks in the US. Previously, Catherine had founded Synergetics Sales Performance Group, (formerly Strategic Sales Solutions), and Indigo Capital Development, LLC. In 2002, she was recognized as one of Pennsylvania’s 50 Best Women in Business. Prior to forming her own businesses, Catherine worked 17 years in corporate banking management where she served in senior management roles for investment sales/wealth management, commercial lending, business development, and retail expansion. Today, Ms. Mott uses these experiences and her education to bring together capital and prime investment opportunities. Catherine holds an MBA in Finance, a BS in Education and a Masters Degree in Education. Some of Ms. Mott’s former and current board directorships include: Mass Mutual’s Women Advisory Board; RedPath Integrated Pathology, Inc.; Angel Capital Association (ACA); Angel Capital Education Foundation; Grove City College Entrepreneurship Program; Thiel College Board of Directors; Chatham College Women’s Entrepreneurship Program; Duquesne University’s Entrepreneurship Advisory Council; Carnegie Mellon University’s Olympus Advisory Council. Ms. Mott’s professional affiliations include Pittsburgh Venture Capital Association, Association for Corporate Growth, Angel Capital Association, Pennsylvania Angel Network.
Karyn Smith is General Counsel at Meltwater Group, where she is responsible for all legal matters for the company. Prior to Meltwater, Karyn served as Deputy General Counsel at Zynga Inc. from 2009 to 2012, where she oversaw all corporate, securities and transactional matters. Prior to joining Zynga, Karyn spent 10 years at Cooley Godward as a partner in the corporate group, where she focused on public offerings, M&A transactions, venture financings, public company reporting, and corporate governance and Board issues. Karyn also served as General Counsel of a venture-backed software company for three years, and was founder and principal of a corporate boutique firm for three years immediately prior to joining Zynga. The Daily Journal named Karyn as one of the Ten Leading Deputy General Counsel in California in 2012 and one of the Top 10 Most Innovative In-House Lawyers in California in 2010. Karyn was named by San Francisco Business Times as one of the Most Influential Women in Business in the Bay Area in 2011 and 2012. Karyn is on the Advisory Committee for the Securities Regulation Institute and has spoken at the Securities Regulation Institute in San Diego regarding public offerings and issues facing pre-public companies. She also currently serves on the editorial board of the ABA's quarterly publication The Business Lawyer, and on the advisory board of the Northern California Innocence Project. Karyn received her law degree cum laude from the Santa Clara University School of Law in 1991 and a Bachelor of Journalism from the University of Missouri in 1986. She is a Bay Area native and lives in San Francisco with her two daughters.
Charlie Sundling serves as the CEO of Pipeline Software, Inc. which he co-founded in 1997. Pipeline is the world’s leading provider of advanced EAM integration technology for the energy, utilities and defense sectors with a global customer base that includes many Fortune 500 companies. Since the mid 1980s, Charlie has founded numerous software product and technology service companies. Early in his career he focused on CRM automation solutions spending the 1980s through the mid-1990s consulting to clients in several European countries, Japan, Singapore, Middle East and Canada. During the 1990s, he founded InstantCRM.com, an on-demand customer relationship management software company, where he raised the company’s seed capital and served as Chairman and interim CTO. An accomplished software engineer, Charlie has in-depth knowledge of enterprise applications software design and development as well as internet architectures and business models and has authored several patent applications in this category. Charlie is also a co-author of “CRM At The Speed Of Light: Capturing and Keeping Customers in Internet Real-Time” (McGraw-Hill, 2002), published in 7 languages in 27 countries and became considered one of the world’s leading books on CRM. In the 2000’s Charlie provided seed capital and co-founded Integrisys Corporation, a Sarbanes-Oxley software solution vendor, and in 2003 he co-founded The Alliance for SOX 404 Compliance, a nation-wide network of CPA firms that provides Sarbanes-Oxley compliance related tools and professional services. Charlie co-founded Suntel Group LLC, an intellectual property management company focused on the VOIP telecommunications market, where he currently serves as Managing Director. Charlie is an ardent believer in American entrepreneurship and a vocal active advocate for the technology industry. He has lobbied extensively to US state and federal legislators on the benefits of the technology industry to US economies and has provided testimony to Congress. He has served as Chairman of TechAmerica’s OC California executive board, the TechAmerica Executive Committee in Washington DC and the TechAmerica national board. Charlie is the co-founder of the Technology Leadership PAC, advocacy group focused on the advancement of America small tech businesses.
Tim Walsh was appointed the Director (CIO) for the State of New Jersey Pension fund in August 2010. Mr. Walsh has a deep and diverse background in the capital markets and portfolio management area. Tim is the chief fiduciary for the $73 billion New Jersey Pension Fund as well as approximately $15 billion in money markets funds, deferred compensation plan, college savings plan, etc. In his 25 year career in the investment industry, Tim has spent much of his career working in Boston and Chicago for various commercial banks, hedge funds, and investment advisory firms. He has managed money through a variety of challenging and volatile economic conditions and considers his success through these times as one of his strengths. Prior to joining the State of New Jersey, he was the Chief Investment Officer for the Indiana Teachers Retirement fund, where he managed this $8 billion pension fund. Before joining the Indiana teachers’ fund, Walsh was the Vice President and senior trader in fixed income securities and foreign currencies for several large money center banks. He ran his own investment advisory firm, Walsh Financial Services that provided wealth management services for individuals, private trusts and corporate clients. Walsh also has gained experience in the hedge fund arena when he served as an investor relations executive with Vara Capital Management in Chicago, a hedge fund with a global investment focus. Tim has been an active public servant throughout his career with positions as trustee of the Indiana Teachers Retirement fund, a commissioner of the Indiana Gaming commission, and a member of various non-profit and business boards. Tim has a Bachelor of Science degree from Merrimack College in N. Andover, MA and his MBA from the Kellogg School of Management at Northwestern University. Tim has been married for 17 years and has two teenage children.
Gregory C. Yadley is a Partner and chair of the Corporate Practice Group in the Tampa, Florida, office of Shumaker, Loop & Kendrick, LLP. His principal areas of practice are securities, mergers and acquisitions, banking, corporate and general business law. Mr. Yadley has represented business entities of all sizes, including closely-held and family businesses and large and small public companies. He regularly represents these clients in financing transactions, mergers and acquisitions, contract negotiations and disputes, strategic planning, legal compliance and general corporate matters. He has extensive experience in securities matters, including advising clients with regard to their private and public offerings of securities (including initial public offerings) and their ongoing disclosure obligations. Mr. Yadley is an adjunct professor at the University of Florida Levin College of Law, a frequent lecturer and contributor to legal periodicals, Chair of the American Bar Association Business Law Section Middle Market and Small Business Committee and past Chair of the Florida Bar Business Law Section, Co-Editor of The Florida Bar Florida Corporate Practice Manual and Co-Director of the annual Federal Securities Institute. Mr. Yadley obtained his B.A. degree cum laude with Highest Honors in English from Dartmouth College and received his J.D. degree cum laude from George Washington University.