Deep Down has appointed David J. Douglas, principal of Jamaka Capital Management, and Neal I. Goldman of Goldman Capital Management to its board of directors.
The appointments fill two recent vacancies on the board, expanding from two to three the number of independent directors on Deep Down’s four person board.
Ron Smith, Deep Down CEO and director, said, “We are pleased to welcome David and Neil, two Wall Street veterans, to our Board. Their appointment extends our Board’s independence with representative control of nearly 15% of Deep Down’s ownership. Their appointment is an outcome of our ongoing strategic review of alternatives to enhance shareholder value and the recognition that our Board could benefit from new independent insight and guidance. Importantly, David and Neil bring our Board decades of hands-on small cap expertise while also being closely aligned with the interests of all of our shareholders.”
David Douglas is the principal of Jamaka Capital Management, Deep Down’s largest institutional investor, with ownership of approximately 11% of total shares outstanding. He has managed portfolios of public and private equities, and advised portfolio companies on strategic alternatives including acquisitions, divestitures and growth strategies.
Douglas began his career in the investment banking division of PaineWebber in New York, concentrating on clients in the Southwestern US. He has served on multiple boards and currently serves on the board of managers and as Acting CFO of OSS Suppressors.
He earned a B.S. degree in Economics, Magna Cum Laude, from the University of Pennsylvania’s Wharton School.
Neal Goldman is the president and founder of Goldman Capital Management, one of Deep Down’s largest institutional shareholders for several years.
He previously served as first vice president of Research at Shearson Lehman Hutton, and has also held senior positions as a money manager and research analyst with a variety of firms including Neuberger Berman, Moseley Hallgarten Estabrook and Weeden, Bruns Nordeman, and Russ and Company.
Goldman also serves as chairman of Charles & Colvard, and as a director of Milestone Scientific and ImageWare Systems. Prior to their acquisition, he served on the boards of Blyth Industries and IPASS Corporation.
Goldman is a Chartered Financial Analyst (CFA) and earned a B.A. degree in Economics from the City University of New York (City College). He also serves on numerous non-profit boards.