We expect our employees, officers and directors to conduct themselves according to the highest level of integrity and ethics. Implicit in this philosophy is the maintenance of sound corporate governance. Our Board of Directors provides strong and effective corporate oversight. All outside directors are independent and serve on the Boards of both Adams Diversified Equity Fund and Adams Natural Resources Fund.

Board of Directors

Independent Directors

Kathleen T. McGahran, Ph.D., J.D., C.P.A.
Non-Executive Chair of the Board of Directors
Director since 2003

Kathleen McGahran is the President & CEO of Pelham Associates, Inc., an executive education provider. Dr. McGahran was formerly the Associate Dean and Director of Executive Education and an Associate Professor at Columbia University. She also served as an Adjunct Associate Professor of New York University’s Stern School of Business, and Dartmouth College’s Tuck School of Business.

Enrique R. Arzac, Ph.D.
Director since 1983

Enrique Arzac is a Professor of Finance and Economics at the Graduate School of Business, Columbia University, and formerly, the Vice Dean of Academic Affairs. Dr. Arzac has extensive expertise in asset management and securities valuation, along with international finance and corporate finance, gained from his many years on the faculty of Columbia University’s Graduate School of Business. He has consulted with corporations and financial institutions for more than 30 years, has published articles in many academic journals, and is the author of Valuation: Mergers, Buyouts and Restructuring. John Wiley & Sons, 2007.

Phyllis O. Bonanno
Director since 2003

Phyllis Bonanno is a retired President & CEO of International Trade Solutions, Inc. During her career, Ms. Bonanno was the President of Columbia College in South Carolina, and a Corporate Vice President of Warnaco, Inc. She served 10 years as the first director of the U.S. Trade Representative’s Office of Private Sector Liaison in the Executive Office of Presidents Carter and Reagan.

Kenneth J. Dale
Director since 2008

Ken Dale is a Senior Vice President and the Chief Financial Officer of The Associated Press, one of the largest news gathering organizations in the world. He oversees all corporate finance activities including accounting, financial planning and budgeting, treasury and internal audit. In addition, he is responsible for global real estate, administrative services and procurements as well as AP’s ENPS software business. Prior to joining AP, Mr. Dale was a Vice President in investment banking at J.P. Morgan Chase & Co., Inc., advising clients on mergers and acquisitions and corporate finance transactions.

Frederic A. Escherich
Director since 2006

Rick Escherich is a Private Investor. During his career, Mr. Escherich was a Managing Director and the head of Mergers and Acquisitions Research and the Financial Advisory Department at J.P.Morgan & Co. Inc. Mr. Escherich’s responsibilities included evaluating numerous issues related to maximizing shareholder value and setting policies and procedures in connection with the valuation of companies, the assessment of various transaction types, analytical techniques and securities.

Roger W. Gale, Ph.D.
Director since 2005

Roger Gale is the President & CEO of GF Energy, consultants to electric power companies. Dr. Gale was formerly a member of management group of PA Consulting Group. He has in-depth knowledge of the electric power industry and U.S. and international energy policy from his service in private industry and in the public sector, and has been a prominent commentator on electric utility issues.

Craig R. Smith, M.D.
Director since 2005

Craig Smith is a retired Chief Operating Officer and Manager of Algenol LLC. In his career, Dr. Smith also served as the President of Williston Consulting LLC, and the Chairman, President & CEO of Guilford Pharmaceuticals. He is a physician and a former faculty member of the Johns Hopkins University School of Medicine.

Interested Director

Mark E. Stoeckle
Director since 2013

Mark Stoeckle is the CEO of both Adams Diversified Equity Fund, Inc. and Adams Natural Resources Fund, Inc. Formerly, Mr. Stoeckle was the Chief Investment Officer, U.S. Equities and Global Sector Funds, at BNP Paribas Investment Partners. He has over 30 years of experience in financial services and asset management.