MicroVest Board of Directors

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• W. Bowman Cutter (Chairman)
• Gerhard Pries (Vice-Chairman)
• R. Clair Sauder (Treasurer)
• Joseph J. Iarocci (Secretary)
• Dana Halberg
• Lauren Hendricks
• Ken Hochstetler
• Joseph P. Landy
• Bob Pattillo
• James Torrey
• Bruce Tully
• Fred Wall
• Kim Williams

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W. Bowman Cutter (Chairman)

Mr. Cutter is a Managing Director of the private equity firm of Warburg Pincus, where he has served since March 1996. Previously, Mr. Cutter was Deputy Assistant to the President for Economic Policy (National Economic Council). Mr. Cutter has also served as senior Partner at Coopers & Lybrand, and the Firm's Vice Chairman for Strategy. He has served as Chairman of the Board of Volunteers in Technical Assistance (VITA), and Chairman of the Global Information Infrastructure Commission Steering Committee. Additionally, he has served on several committees of the National Research Council focusing upon the policy and management of the national space effort; served as a member of the Advisory Board of the Woodrow Wilson School of Princeton University, and was a member of the Board of Directors of the Immigration and Refugee Services of America. Currently Mr. Cutter is a member of the New York Council on Foreign Relations, a member of Resources for the Future and Co-Vice Chairman of the Board of Directors of CARE. Mr. Cutter holds degrees from Harvard University (summa cum laude); Oxford University (Rhodes Scholar); and Princeton University's Woodrow Wilson School.

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Gerhard Pries (Vice-Chairman)

Mr. Pries has served as the Chief Financial Officer of MEDA since 1994, and he is the President of MEDA Investments, Inc., and Sarona Global Investment Fund, Inc. Previously, Mr. Pries was Business Management advisor to a number of private and public Canadian companies; Program Director for Mennonite Central Committee in Newfoundland and Labrador from 1990-93; Chief Financial Officer for the Mennonite Central Committee Canada from 1985-90; Chair of the Board, MicroCap LLC, Washington DC, an international fund management company. He has also served as President and Director of numerous Latin American companies in the financial services and agribusiness sectors. He has been a Professional Member of Certified General Accountants Association of Canada since 1984. He has studied Business Administration, Community Development, and Theology at the University of Manitoba, Winnipeg and at Kirchliche Hochschule in Bethel, Germany.

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R. Clair Sauder (Treasurer)

Mr. Sauder, Lancaster, PA, is co-owner of Encore Enterprises, LLC and is a partner in C&D Enterprises Unlimited, a commercial real estate company. Mr. Sauder was a shareholder in Good's Furniture and Carpet, Inc and served as Senior Vice President, Finance and Operations from 1980-1996 and as Chief Financial Officer with Breuner's Home Furnishings from 1996-1998. Mr. Sauder received his Bachelor of Science in Accounting from Elizabethtown College and was subsequently employed from 1972 to 1980 in the Harrisburg, Pennsylvania office of Laventhol and Horwath, an international certified public accounting firm. Mr. Sauder currently serves on the Board of Trustees of MMA Praxis Mutual Funds, National Penn Investors Trust Company and Mennonite Economic Development Associates.

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Joseph J. Iarocci (Secretary)

Mr. Iarocci is Chief of Staff at CARE. Mr. Iarocci joined CARE in October 1998 as General Counsel. Before CARE, he was a partner in the Atlanta law firm of Lamar, Archer & Cofrin and was associated with the firm of Shearman & Sterling in New York City. Mr. Iarocci has extensive experience representing clients in transactional and general business matters. Mr. Iarocci received his A.B. magna cum laude from Brown University, his J.D. from Cornell Law School and was named a Harlan Fiske Stone Scholar while attending Columbia University School of Law as a visiting student. He is currently pursuing a graduate degree in theology at Emory University. Mr. Iarocci speaks and teaches regularly on ethics, leadership, and the problem of global poverty. He is a member of the Social Accountability International Advisory Board, the Piedmont Hospital Ethics Committee, and the Executive Committee of the Cornell Law Association.

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Dana Halberg

Ms. Halberg is the Managing Director of Mellon Financial Corporation.  Prior to joining Mellon in 2003, she was a founding principal of The Arden Group, the first private fiduciary firm in Atlanta.  Halberg received her BA from Gustavus Adolphus College in Minnesota and her MBA from the University of North Carolina at Chapel Hill. A CFA charter holder, she is a member of the Atlanta Society of Financial Analysts and the CFA Institute.  In addition to her professional activities, she also serves as Chair for the Atlanta Girls’ School Board of Directors, and on the Advisory Board for numerous institutions including the Atlanta Speech School, the George West Mental Health Foundation (Skyland Trail), and the Goizueta Business School Graduate Women in Business at Emory University. She serves on the Board for Easter Seals of Northern Georgia, Holy Innocents' Episcopal School Scholarship, Marcus Institute Development & Marketing Committee, and St. Luke's Episcopal Church Endowment. Furthermore, Halberg acts as financial advisor and trustee for many private foundations.

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Lauren Hendricks

Ms. Hendricks recently joined CARE as the Director of the Economic Development Unit, responsible for strategic direction and technical leadership for over 100 active microfinance and enterprise development programs in 54 countries. Prior to joining CARE Ms. Hendricks was a program specialist at the Center for Institutional Reform and the Informal Sector (IRIS) at the University of Maryland. Her research focused on the development of low-cost tools to assess the poverty outreach of USAID funded microenterprise development programs. She has over 9 years of experience evaluating, designing and promoting the development of microfinance programs worldwide. She spent three years in the Republic of Georgia managing a microfinance program and overseeing it’s transformation into a locally registered and managed institution. Ms. Hendricks has a B.A. from UCLA in Political Science and a M.A. from UCLA in Africa Studies. Before getting involved in international development Ms. Hendricks worked for several years as a loan officer for a commercial real estate mortgage banker, Keystone Mortgage Company.

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Ken Hochstetler

Mr. Hochstetler is the Senior Executive Vice President for Univest Corporation, a bank holding company based in southeastern Pennsylvania, where he serves as President of its brokerage and insurance subsidiaries and founded its Wealth Management function. Prior to joining Univest in 1992, Mr. Hochstetler held positions in corporate banking, systems development and consulting. Mr. Hochstetler holds a BA in Business Administration from Goshen (IN) College and an MBA in Finance from Lehigh University, Bethlehem, PA. In addition to his professional duties, Mr. Hochstetler serves as Chair of Souderton (PA) Industrial Development Authority and as Treasurer of the MEDA Board of Directors. His service on the MicroVest board of directors is "an opportunity to integrate life values and business experience in practical and sustainable ways to help the poor that maintains their personal dignity and self-sufficiency."

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Joseph P. Landy

Mr. Landy is Co-President of Warburg Pincus LLC, where he has been engaged in all aspects of private equity investing since 1985. He is jointly responsible for the management of the firm, including the formulation of strategy, oversight of investment policy and decisions, leadership of the firm's executive management group and the coordination of limited partner communications. Since joining the firm, Mr. Landy's principle areas of investment focus have been information technology, Internet applications and infrastructure, communications applications and structured investments. Notable investments in which Mr. Landy played an active role include: Avaya, Level One Communications, Nova Information Systems, Covad Communications, CN Biosciences, SynQuest and Neustar. He is a Trustee of the Clark Art Institute and a director of several private and publicly held companies. Mr. Landy holds a B.S. degree in economics from The Wharton School of Business at the University of Pennsylvania and an M.B.A. from The Leonard N. Stern School of Business at New York University. He is a frequent speaker at industry events concerning the many aspects of private equity and venture capital investing.

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Bob Pattillo

Mr. Pattillo leads Gray Ghost, a $50 million social investment portfolio focused in the field of microfinance. His role is as a "partner" to the enterprises he invests in and those who work within them, helping to emphasize the enterprise as a living, breathing professional community. Through investing and board service, Mr. Pattillo encourages a balance between the spark, the drive for success that makes work fun and interesting, and the nurturing environment essential to innovation, a place where the whole person is welcomed and cared for. Mr. Pattillo's role is also to invite others to co-invest in these enterprises, to find the personal fulfillment that comes with investing for both financial and social return. He also chairs The Rockdale Foundation (RF), a charitable foundation established in 1995 with his wife, Katy. Grant making is focused on education and microfinance, a "business-like, market oriented, and self sustaining" response to poverty, with a commitment to the Middle East/North Africa as a place where the needs are great and the resources are relatively thin. RF is the founding partner of the Arab microfinance network, SANABEL. Mr. Pattillo is a graduate of Dartmouth College and the Harvard Owner/President Management Program, and a past participant in Leadership DeKalb, Leadership Georgia, and the Regional Leadership Institute.

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James Torrey

Mr. Torrey is the Founder of The Torrey Funds, a fund of funds group investing with hedge fund managers worldwide. Having started in 1990, The Torrey Funds now manage over $1.3 billion for wealthy individuals, endowments and foundations, both in the U.S. and abroad.  For more than 15 years, Mr. Torrey has been a leader in hedge fund investing in both U.S. and non-U.S. markets. The Torrey Funds have some of the most successful and longest running records in the industry. The firm’s success stems from its basic investment philosophy: finding newer hedge fund managers who, because of their smaller size, have the flexibility and passion to generate substantial gains.  Previously, Mr. Torrey held executive positions at Kidder, Peabody & Co., The First Boston Corporation, PaineWebber Incorporated, and Alex. Brown & Sons. He attended the University of California at Berkeley and remains active in civic and community affairs.  Mr. Torrey is on the board of the Milano Graduate School for Public Policy at the New School University and is on MicroVest's Investment Committee.

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Bruce Tully

Mr. Tully is a Managing Director of Beehive Ventures, LLC, a venture capital firm he helped found in 2000. From 2002 until the end of 2004, he was a Managing Director in the Corporate Investment Group of Investcorp International Inc. For the twenty years prior to 2000, Mr. Tully served in various investment banking positions at Bankers Trust/BT Alex. Brown and its successor Deutsche Bank Alex. Brown. In addition to serving as a director of MicroVest, Mr. Tully serves on the Board of Directors of the relief and development organization CARE, where he is Vice Chair and Treasurer, as well as numerous privately-held corporations. Mr. Tully has a Bachelor of Arts in Government & International Relations from Carleton College, and a Master of Business Administration in finance from the Stern Graduate School of Business, New York University.

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Fred Wall

Mr. Wall is the owner and President of Enterprise Realty Ltd., which is a personal investment holding company and a registered real estate broker. Mr. Wall is currently working with Gerhard Pries at MEDA in the capacity of investment fund development. In this role, Mr. Wall is involved with raising money for Sarona and the mPower Investment Program, and is director of the MEDA-controlled CHISPA, a foundation in Nicaragua which operates a new micro-bank started in 2004 under the trade name "MiCredito." Previously, he was a partner and CEO in Western Profiles Limited, a plastics manufacturing company, an investment analyst with the Canadian Government's Department of Regional Economic Expansion, and a loan officer with the Canadian Government's Industrial Development Bank. Mr. Wall was also a Communication Engineer with Manitoba Telephone System and worked in industrial development with Manitoba Department of Industry. Mr. Wall received his Bachelor of Science in Electrical Engineering from University of Manitoba in 1961, and his Master of Business Administration from the University of Toronto in 1966.

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Kim Williams

Ms. Williams recently retired as a Partner at Wellington Management Co. LLP where she worked since 1995.  With 26 years of experience, Ms. Williams established strong credentials as a financial analyst with a focus on important balance sheet statistics. Included more than 20 years of experience with the Paper and Forest Products Industry but also had the opportunity to analyze the Publishing Industry, the Metals and Mining Industry and the Home Improvement Industry. During the period of heightened scrutiny on the issue of Corporate Governance, she served as an active member of the Corporate Governance Committee and was involved in the rewriting of the proxy voting policies and procedures at Wellington. Earlier, Ms. Williams was included in a delegation from the investment industry that presented to the SEC during the drafting phase of the Regulation on Fair Disclosure.  As Associate Director of Research, involved in a broad based management role, and participated in business development and relationship management initiatives as a representative of various capabilities of the firm and certain investment approaches.

Professionally, she has traveled extensively throughout Europe, the Middle East, the Far East, Japan and Australia, providing global insights into the potential opportunities and challenges faced by US corporations in an increasingly global environment.

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