Board of Directors

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.

The Board oversees the management of the business and affairs of the Funds in accordance with Maryland law and other applicable laws and regulations, in a manner consistent with the best interests of the Funds and their shareholders.  In this oversight role, the Board serves as the ultimate decision-making body of the Funds, except for those matters reserved to or shared with the shareholders.  The Board selects and oversees the CEO, who is charged by the Board with conducting the business of the Funds.

Independent Directors

Kathleen T. McGahran, Ph.D., J.D., CPA

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 Professor of Dartmouth College’s Tuck School of Business. Dr. McGahran is also a director of Scor Global Life Reinsurance and Scor Reinsurance of New York.

Enrique R. Arzac, Ph.D.

Director since 1983
Enrique Arzac is a Professor Emeritus 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.

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 the 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.

Lauriann C. Kloppenburg

Director since 2017
Lauriann Kloppenburg is a retired Chief Strategy Officer from Loomis, Sayles & Company, a privately-owned investment manager. During her 30 years with Loomis, Sayles, she served in a number of roles, including Director of Equity Research, Chief Investment Officer, and a member of the its Board of Directors. She is currently a Board member of the Forte Foundation, a Trustee for the Trustees of Donations for the Protestant Episcopal Church, and serves on Advisory Boards for Bentley University and Champlain College.

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.