HONOLULU, January 15, 2003: Kamakura Corporation's Board of Directors today named Warren Sherman President and Chief Operating Officer of the risk management software and information company. Dr. Donald R. van Deventer retains his Chief Executive Officer title and becomes Chairman of Kamakura. Prominent risk management expert Leonard Matz, author of 14 books on the subject, was also appointed Managing Director and a member of the Managing Committee at Kamakura. Joining him on the Managing Committee is newly-appointed Managing Director Ardi Tavakol, who replaces Mr. Sherman as the Managing Director for client services and installations.
"Today's appointments give Kamakura the depth of management, breadth of information technology skills, and applied risk management expertise that the company's rapid growth requires," said Dr. Donald R. van Deventer, Chairman. "Warren Sherman, Leonard Matz, and Ardi Tavakol bring 75 years of risk management and information technology expertise to the Kamakura management team that is critical to the continued acceleration of our growth. We are very proud to have them on the Kamakura team in such key roles."
Warren Sherman joined Kamakura Corporation in February 2002 as Managing Director for client services after spending more than 11 years in financial services information technology with a dealing systems firm which ultimately became part of the Sungard Global Markets Division of Sungard Data Systems. In that capacity he was responsible for the design of the Global TraderTM and eGlobal TraderTM sell-side trading systems. Mr. Sherman was Vice President and manager of global trading and distribution systems at First Interstate Bank in Los Angeles and London from 1986 to 1991 and prior to that served as assistant treasurer for short term finance at First Interstate Bancorp. Mr. Sherman was a Fulbright Scholar in economic philosophy in Yugoslavia and attended the masters program in business administration and operations research at Loyola Marymount University.
Leonard Matz joined Kamakura Corporation in July 2002 as senior vice president. Prior to joining Kamakura, Leonard was the founder and a principal in the firm of Neshannock Financial for almost 9 years. In that capacity, Leonard worked as an author, trainer and consultant. Mr. Matz is the author of Liquidity Risk Management and he has authored 13 other risk management books. Mr. Matz spent 16 years as a bank officer for three different companies. He served as Executive Vice President and Chief Operating Officer of a community bank, as Senior Vice President in charge of credit risk management for a regional bank, and as Senior Vice President in charge of funds management for a large, multi-bank holding company. Before becoming a banker, Mr. Matz served for 5 years as a bank examiner with the Federal Reserve Bank of Cleveland. He received a B.A. from Case Western Reserve University in 1973 with a double major in Economics and Political Science and with additional studies in Economics at the University of Lancaster, Lancaster, England. He has been a member of the National Asset and Liability Management Association since 1989.
Ardi Tavakol joined Kamakura Corporation in January 1997 as a Vice President. Mr. Tavakol, named Senior Vice President in 1998, has been intensely involved in the design, documentation and installation of the Kamakura Risk Manager enterprise wide risk management package throughout his years at Kamakura. Prior to joining Kamakura Corporation, Mr. Tavakol spent almost three years at risk management vendor Treasury Services Corporation in product development, marketing, documentation, and support capacities. Mr. Tavakol has ten years of experience working at financial institutions in California including Fidelity Federal Bank, First Interstate Bank, and Bank of America. Mr. Tavakol received a Master of Business Administration degree from the University of California at Berkeley in 1990. He also holds a Master of Arts degree in Economics from the University of California, Los Angeles, which he received in 1986. Mr. Tavakol graduated magna cum laude from UCLA with a Bachelor of Arts degree in economics in 1985. Mr. Tavakol has spent much of his life in Iran and speaks Farsi fluently.