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Senior Management
the power of experience
Drawn from a wide range of related backgrounds, our team is unique in the industry for its combined depth of capital markets knowledge and wealth of experience in numerous industry sectors.
We enjoy strong relationships with a powerful network of portfolio managers, investment bankers, analysts, private equity firms, law firms and influential members of the media. We are continually strengthening existing relationships and building new ones, so that we can better assist our clients in meeting their financial communications needs.
chad a. jacobs
co-chief executive officer
Before co-founding ICR in 1998, Chad was a vice president and managing director in the equity research departments of BT Alex. Brown and, earlier, Ladenburg Thalmann. In addition to his more than eight years of client service in the footwear and apparel sectors, Chad has six years experience as a senior equity analyst and is credited on Wall Street as the first analyst to recognize the compelling demographics and spending power associated with the youth market. He created a research universe dedicated solely to that investment thesis and has published extensive theme and company-specific research on large-, mid- and small-cap companies in a range of consumer sectors. He has also originated and consulted on numerous investment banking transactions. Chad has been the focus of stories in USA Today, POV, Wall Street Journal, Investor's Business Daily, Women's Wear Daily, Daily News Record, Footwear News, Transworld Snowboarding and Action Sports Retailer. He also served as a roundtable member on CNNfn, and as a featured guest on ESPN2. Chad received a B.A. in Economics from the College of the Holy Cross and an M.B.A. from the University of Connecticut.
thomas m. ryan
co-chief executive officer
A co-founder of ICR, Tom lends his expertise to service clients in the restaurant & leisure, e-commerce and gaming industries. Before co-founding ICR, Tom served as managing director in the equity research department of BT Alex. Brown (Deutsche Bank). He possesses seven years experience as a senior equity analyst following the leisure and location based entertainment sectors. Coverage included gaming, ski resorts, cruise lines, health clubs, motor sports and golf club, ski, snowboard and bike manufacturers. Tom published numerous industry and company-specific reports and participated as lead or co-manager on several billion dollars worth of investment banking transactions, including bank, high yield, equity and M&A. He has extensive domestic and international buy-side and media relationships. Tom has often been quoted in the New York Times, Wall Street Journal, Investor's Business Daily, International Herald Tribune and the Wall Street Transcript. He has been a featured expert on CNNfn, CNBC, Money Talk (PBS), WNYC TV and Bloomberg Television, and was named a 1995 Wall Street Journal All-Star for stock picks. Tom received a B.A. in Economics from the College of the Holy Cross and an M.B.A. from Vanderbilt University.
don duffy
president
Don has been with ICR since 2001 and focuses on gaming, restaurants, payments, exchanges, and other related sectors. He has over 12 years experience as a portfolio manager and research analyst specializing in public and private investments in the leisure, technology and healthcare markets. Prior to joining ICR, Don co-founded Meyer, Duffy & Associates and Meyer Duffy Ventures (investment, venture capital and consulting firms focused in small-to-mid capitalization companies), and served as a senior vice president of Oak Hall Capital Advisors, a $500 million asset management firm. He also served as a senior research analyst and general partner at Sloate, Weisman, Murray & Company/Amadeus Capital. Don has played an integral role in numerous early stage companies in the technology and leisure industry and has also served in interim positions as CEO and CFO of private and public companies. His experience includes the development and implementation of business plans including financial forecasting, management team recruitment and development, corporate strategy and capital formation. He presently sits on the board of MTR Gaming (Nasdaq: MNTG). Don received a B.A. in Finance from St. John's University.
john p. flanagan
principal
A co-founder of ICR and former litigator, John co-manages the company's corporate communications group. He specializes in corporate positioning and reputation, media strategy, crisis management, internal communications and litigation support. John develops and implements strategic communications programs for companies across a broad range of business sectors, including retail, e-commerce, consumer goods, restaurant, manufacturing and sports and entertainment. He began his communications career as a political consultant 20 years ago, advising candidates, trade organizations and corporate clients. He also has served as director of communications and government relations for one of New England's leading labor unions and spent five years as senior advisor to Connecticut's attorney general. As an attorney, John practiced at one of Connecticut's leading law firms, where he represented clients ranging from Fortune 500 companies to small entrepreneurs in commercial litigation in state and federal courts. John earned a B.A. in Economics and Political Science from the University of Richmond, and a JD with honors from the University of Connecticut. He is a member of the Connecticut Bar and the Federal Bar for the District of Connecticut.
james r. palczynski
principal
James joined ICR in 2000 and focuses on footwear, apparel and defense. James joined ICR after seven years as an analyst in the apparel and footwear manufacturing and specialty retailing sectors. After serving for four years on a top-ranked Institutional Investor team for the apparel and footwear group at Salomon Smith Barney, James served as senior vice president and analyst for Ladenburg Thalmann and Needham & Co. His prior coverage includes: St. John Knits, Vans, Quiksilver, Fossil, Pacific Sunwear, Hot Topic, McNaughton Apparel Group, Columbia Sportswear, Urban Outfitters and Kenneth Cole Productions. His investment banking experience includes lead-managed IPO's, secondary offerings, private financings, and advisory services on M&A activity. James is the author of “YouthQuake, The New Consumerism,” a widely read treatise on the impact of consumption patterns of the youth market on brand management and specialty retailing. He has been recognized in the Wall Street Journal, Investors Business Daily, The Economist, Time, Women's Wear Daily, DNR and other publications. James received a B.A. degree in Literature from the George Washington University.
brad d. cohen
senior managing director
With ICR since 2001, Brad focuses on Real Estate, REITs, Finance, Media and Specialty retail. Before joining ICR, Brad was a portfolio manager and analyst in many diverse industries. Brad had four years of experience as an analyst covering real estate and lodging. His universe focused on small-cap and mid-cap real estate, REIT and lodging companies, and a second platform that emphasized broader consolidating industries and companies. Brad was often quoted in the New York Times, Wall Street Journal, and Investor's Business Daily, and he had been a featured expert on Bloomberg Television. Mr. Cohen received Honorable Mention for his REIT and Lodging coverage from Institutional Investor All America Research in 1998. Brad received a B.A. in Political Science and International Relations from the University of Colorado, and an M.B.A. in Finance from the Hagan School of Business at Iona College.
robin mayns cowles
senior vice president
Robin Mayns Cowles is co-head of ICR’s Corporate Governance unit. Robin has diversified experience in the research and analysis of corporate governance practices, executive compensation, and equity plans first as the Director of Research at JMR Financial where she formulated proxy voting policies for institutional investors and assisted activist shareholders in drafting shareholder proposals. Then at Investor Responsibility Research Center (IRRC) where she concentrated on equity plan and M&A analysis. Most recently, Robin was employed with Institutional Shareholder Services (ISS) where she first sat on the US Research Helpdesk and was responsible for all internal and external communications with ISS’ Research department and later as the Manager of Strategic Alliances where she was responsible for initiating and developing relationships with ISS’ partner firms. Robin holds an MBA from The George Washington University and has an additional 20 years of experience in executive recruiting, management consulting, and small business management.
anthony depasquale
senior vice president
Anthony joined ICR in 2005 to lead the Digital Media group’s media strategy and technology functions. He most recently led 3Jaze Entertainment as a consultant for several large media clients including Modern Bride, The New York Times Magazine group, and Primedia Digital Video where he developed and produced marketing pieces for streaming web video as well as assisted in the identification and development of programming and brand extensions. Before launching 3Jaze Entertainment, Anthony served as vice president of production and business development for Cornerstone Entertainment where he managed network television projects and corporate videos for ESPN, ABC Video, Fox Sports, and Ocean Spray, Pizzeria Uno, IBM, Merrill Lynch and others. He began his career with the World Wrestling Federation, where he produced and managed programming for NBC, USA, TSN, MSG, national syndication, pay-per-view and international distribution. Anthony graduated from Purdue University with a B.A. in Communications.
timothy dolan, cfa
senior managing director
With ICR since 2003, Tim focuses on the technology sector. Prior to joining ICR, Tim spent eight years with Deutsche Bank (including Alex. Brown & Sons and BT Alex. Brown), where he became a top rated analyst covering the enterprise software sector. Tim’s achievements included being named to the Institutional Investor (II) All-American Research team, Global II All-American Research team, #1 rated software analyst by the Wall Street Journal, and a top 5 analyst by both Reuters and the Greenwich poll. Tim’s coverage area grew over time to include the entire enterprise software arena, including CRM, SCM, ERP, B2B, infrastructure software, business intelligence and content management. Tim’s in-depth understanding of the technology sector and stock market activity made him a sought-after expert for industry round table panels, media outlets such as CNBC and the Wall Street Journal, keynote speeches at company sponsored user group events, and other events targeting IT and business professionals. Tim graduated from Babson College with a B.S. in Accounting and Investments.
michael r. fox
senior managing director
Michael joined ICR in 2002. He is responsible for helping companies define, build and protect their corporate reputations through communications programs that engage with the media, employees, customers/consumers, policy makers and opinion formers. Prior to joining ICR, Michael was group director of the U.S. Corporate Communications Practice for Ogilvy Public Relations Worldwide where he was responsible for all corporate branding, employee communications, crisis and issues management and investor relations. Michael ran the global account for BP, the world's second largest energy company, for more than three years. His team's work re-branding efforts for BP following its acquisitions of Amoco and ARCO was recognized by PR Week as ‘one of the 20 Best PR Campaigns of all time’. For Deloitte & Touche, Michael led the communications effort in the wake of the Enron/Andersen debacle, successfully positioning Deloitte & Touche through an aggressive executive visibility program. At McKesson, Michael helped lead the crisis team in response to an accounting restatement that resulted in a one-day, $500 million drop in market cap. Prior to beginning his career in corporate communications, Michael spent eight years working for a member of Congress and running political campaigns. Michael is a graduate of Hobart College with a B.A. in Political Science.
anthony p. gallo, cfa
managing director
Anthony P. Gallo, Managing Director of ICR’s Industrial Practice, has built his career on helping clients uncover value. He began his career as an equity analyst in the transportation group at Alex. Brown & Sons, America’s Oldest Investment Bank and earned the highest accolades in his profession -- twice recognized as an All-Star Analyst by The Wall Street Journal and named to Institutional Investor’s All-American Research Team. Mr. Gallo then joined Wachovia Securities in 2000 as Co-Head of Equity Research where he guided 40 senior analysts, covering some 600 companies. He also served as a voting member of the executive committees that approved the firm’s participation in hundreds of equity underwritings. In 2005, he took over joint management of a proprietary fund for Wachovia, focusing on industrial stocks, including transportation, energy, engineering and construction, aerospace and defense, and other basic industries. A Chartered Financial Analyst, Mr. Gallo holds an MBA from the University of Baltimore; he is a graduate of Towson University. He is a member of the investment committee for Associated Catholic Charities, Maryland’s largest social service agency, and also is a board member of the Penn-Mar Organization, which serves adults with developmental disabilities.
andrew greenebaum
senior managing director
Andrew joined ICR in 2003 with over 15 years of senior-level finance, strategic planning and operating experience at several successful and high-profile public companies, including The Walt Disney Company, Vans Inc. and Sirius Satellite Radio Inc. Prior to joining ICR, Andrew served as chief financial officer for Vans (Nasdaq: VANS), Sirius Satellite Radio Inc. (Nasdaq: SIRI), and eCompanies. At Disney, Andrew served in positions of increasing responsibility in the Treasury and Corporate Strategic Planning departments. During his tenure at Disney, Andrew completed over $20 billion of financings and was in charge of project and corporate finance, primarily focusing on resorts, theme parks, cruise ships and infrastructure. Andrew received a B.A. from Dartmouth College and an M.B.A. from the Amos Tuck School of Business at Dartmouth College.
kathleen heaney
managing director
Kathleen joined ICR in 2004 following a 20-year career on Wall Street as a sell-side analyst and director of Equity Research. Kathleen specializes in both retail and energy. Prior to joining ICR, Kathleen was the director of Equity Research at Brean Murray & Co., Inc. as well as providing research coverage on specialty retail & consumer companies. Ms. Heaney began her Wall Street career at Furman Selz. She subsequently worked at Nikko Securities, Arnhold & S. Bleichroeder and Serfin Securities, the largest Mexican brokerage firm. She spent most of the 1990s following consumer companies for BT Alex. Brown. Kathleen was ranked number one in the Latin Finance poll and Greenwich Survey and was a runner up in the Institutional Investor Poll. Kathleen was frequently quoted in business publications including the Wall Street Journal, New York Times, Investment Business Daily, Business Week, Fortune, and Forbes among others. Kathleen has undergraduate degrees in Criminal Justice and Business Management from Long Island University – C.W. Post Center and conducted graduate work in International Finance/Economics at New York University. She possesses professional licenses including: Series 7, 63, 24, 16 and 87.
devlin lander
managing director
Devlin joined ICR in 2005 and specializes in SPACS and industrials.With over 10 years of Wall Street experience, Devlin most recently served as a sell-side equity analyst at Morgan Joseph & Co. covering a diverse range of industries including business services and industrials. Prior to that, she was a sell-side equity analyst at CSFB, Donaldson, Lufkin & Jenrette and UBS covering business services, electronics manufacturing services and internet services. While at UBS and DLJ, Devlin participated as a lead or co-manager on numerous investment banking transactions, including IPOs, follow-on offerings, private equity offerings, and mergers and acquisitions. Devlin began her career at Kohlberg and Company where she researched industries and companies for potential consolidation and stand-alone investment opportunities. She graduated with distinction from the University of North Carolina at Chapel Hill with a B.A. in Political Science.
ashley ammon macfarlane
managing director
Ashley co-leads our Asia & Emerging Markets team. Prior to joining ICR in 2003, Ashley was an equity research associate at ABN AMRO and CIBC World Markets Corp. She covered the global advertising and marketing services sector, which included the "Big Three" advertising holding companies, Omnicom Group, WPP Group, and the Interpublic Group of Companies. Her research also focused on small-cap marketing, data management, and teleservices companies, such as DoubleClick, Acxiom Corporation, Valassis Communications, and TeleTech Holdings. Ashley began her career at Bloomberg Tradebook, a global equity trading product (ECN), where she researched, published and marketed electronic trading strategies for traders in the U.S., Europe and Asia. She graduated magna cum laude with a B.A. in Politics and Government from the University Professors Program of Boston University, and completed the General Course in Economic History and Government at the London School of Economics. Ashley holds Series 7 and Series 68 licenses.
allison c. malkin
senior managing director
Allison joined ICR in 2002 and focuses on the apparel, retail, beauty and footwear industries. Prior to joining ICR, Allison served as the director of investor relations for a publicly traded footwear company. Earlier, she was the Director of Equity Research at UBS and Warburg Dillon Read where she provided sell-side coverage following the apparel, footwear and textile industries. While at these firms, she followed and assisted on several equity and debt offerings with industry leaders such as Genesco, Jones Apparel Group, Kenneth Cole Productions, Polo Ralph Lauren, Tommy Hilfiger and Wolverine World Wide, Inc. Allison was a frequent guest on CNBC and Bloomberg News and presented at several industry conferences sponsored by Women’s Wear Daily and Footwear News. She was a top analyst in the Reuters Analyst Survey in 1997. Previously, Ms. Malkin was a buy-side retail industry analyst for Evergreen Asset Management. She began her career as an associate portfolio manager and retail analyst for Shearson Lehman in June 1987. Ms. Malkin received a BS from the University of Maryland at College Park and is a Chartered Financial Analyst “CFA”.
brandon meyer
senior vice president
Brandon Meyer is co-head of ICR’s Corporate Governance unit and has committed his career to Corporate Governance. Brandon joins ICR from Institutional Shareholder Services, the preeminent proxy advisory firm. During his time with ISS, Brandon gained experience as a research analyst, manager of the Global Corporate Governance Quotient (GCGQ) product, and as a Corporate Governance Advisor. He has worked on a variety of projects such as research policy formulation, product enhancement and strategy, as well as developing client relationships through his advisory work. Brandon graduated from Muhlenberg College with a Business Degree and a concentration in Entrepreneurship.
john mills
senior managing director
John joined ICR in 2002 as a consumer/retail specialist after nine years as a portfolio manager and research analyst for Meyer Duffy Funds. His areas of focus included small and mid cap consumer products and healthcare companies. John has served on the boards of numerous early-stage companies and has served as a member of the general partner of several private equity funds managed by Meyer Duffy Ventures. While there, he applied his Wall Street expertise in the development of business plans, financial forecasting, investment due diligence, deal structuring and capital formation. John possesses extensive financial and investment experience, including positions with Resource Bancshares Holding Co., a financial holding company. Prior to his Wall Street career, he was employed as a commercial banker with Bank of America. John earned a B.S. from the University of South Carolina with a concentration in Finance and Marketing, and received his executive M.B.A. from Chapman University.
joseph teklits
senior managing director
Joe joined ICR in 2006 and focuses on retail & apparel. Prior to joining ICR, Joe spent ten years as an equity analyst covering primarily softgoods retailers and apparel and footwear companies. From 2001 to 2006, he was a managing director and senior softgoods analyst at Wachovia Securities where he led a team of five and covered over 30 stocks. During Joe’s tenure, Wachovia was the lead manager or co-manager on equity offerings for Zumiez, Aeropostale, Volcom, Under Armour, New York & Co., Charlotte Russe, and Citi Trends. He is a four-time Wall Street Journal All-Star Analyst, and has been highly ranked in numerous analyst polls. Prior to joining Wachovia Securities and its predecessor First Union Securities, Joe was a senior analyst at Ferris, Baker Watts in Baltimore and Ladenburg Thalman in New York covering a range of softgoods and leisure stocks. He received his B.S. and M.S. degrees from the University of Baltimore.
william zima
managing director
Bill has been with ICR for over four years and co-leads ICR’s Asia & Emerging Markets team. Bill worked previously for Thomson Financial’s Global IR Consulting practice. In this role, he implemented customized investor relations programs to increase visibility in the financial community and developed corporate disclosure, crisis and valuation strategies for a variety of U.S. and non-U.S. public companies. Prior to Thomson, Bill worked for Nasdaq International, a subsidiary of The Nasdaq Stock Market. In this role, he assisted in the design and management of client investor programs for many of Nasdaq’s listed companies. In addition, as a member of the international business development team, Bill promoted the Nasdaq market, domestically and abroad, to senior executives of public and private companies, financial constituent groups and government agencies. While at Nasdaq, he worked on various projects with senior management related to global stock market alliances and linkages in Europe and Asia. Bill received a B.A. from Boston College where he majored in political science and minored in Latin American Studies.
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