Board of Directors

Executive Chairman

Joseph Marchal

Mr. Marchal served as Chief Executive Officer for Asia-Pacific Region of Chi-X Global Inc., a subsidiary of Instinet, LLC, from November 2008 to June 2009, where he was responsible for the Instinet platform expansion in the region. Mr. Marchal also served as President and Managing Director of Asia Region at Instinet, LLC, as well as President of Instinet Japan Ltd. from January 2004 to November 2008, where he had strategic responsibility for Instinet’s Asian product. Mr. Marchal joined Deutsche Bank Securities from 2002 to 2004, and served as Senior Managing Director of Deutsche Bank Securities, where he was responsible for the distribution of Japanese Equities Global Product. Mr. Marchal was also its Managing Director, and was in charge of Sales Trading, Agency Execution, Program Trading, Listed Futures, and Options and Connectivity Sales. Mr. Marchal served as Head of Japanese Equity Sales Trading and Execution Services at Salomon Brothers Japan (now Nikko Citigroup) from 1996 to 2002, and previously held senior positions in Asia at Daiwa Securities International and Fidelity Investments Japan as Director of Trading from 1983 to 1996. Mr. Marchal began his career in 1983 at Maruso Securities as a floor trader on the Tokyo Stock Exchange and has more than 25 years of experience in the securities industry, where he was an active member of the Tokyo brokerage community and a regular participant in industry advisory groups and conference panels. Mr. Marchal holds a B.S. degree from Sophia University, Japan.


Donald Sutherland

Mr. Sutherland has a long history of profitable entrepreneurial start-ups and successful business operations. Mr. Sutherland was educated at the University of Houston, TX where he studied engineering and accounting. Following his education, Mr. Sutherland served a two-year mission to Argentina before returning to Houston where he later started his career in sales. In 1978 Mr. Sutherland started his first business, an art gallery called Pictures Beautiful in Houston, TX that he successfully operated for 10 years. In 1988 Mr. Sutherland and his wife Susan moved to Mesa, AZ where he later co-founded a fledgling ice cream retailer called Cold Stone Creamery ( with his wife. The Sutherlands fundamentally redefined ice cream after opening their first store in 1988 in Tempe, AZ, and they personally operated the original location until February of 2004. Mr Sutherland served in many capacities within the Cold Stone Creamery organization since its incorporation in October 1988, including Director and Chairman of the Board. The Sutherland’s were featured on TV’s “Oprah” on January 15, 2008 on the episode “Faces Behind the Name” as a nod to the significant success in building the Cold Stone Creamery brand. When Mr. Sutherland sold his interest in Cold Stone Creamery in 2007, the company’s operations comprised more than 1,400 retail stores with 800 more stores in the development pipeline. Since the sale of his ice cream retail empire, often noted as the “largest private ice cream retailer in the world”, Mr. Sutherland has been active in his local community, and has been a benefactor of many charitable causes across the US and around the world. Mr. Sutherland resides in Mesa, AZ with his wife Susan.


Edward Brogan

Edward Brogan is an entrepreneur and investor with significant experience in the field of international corporate finance. Mr. Brogan was the Senior Advisor and director of Japan Advisory, a Japanese financial advisory company since he founded the company in May 2000. In addition, Mr. Brogan is an investor and manager of real estate projects in the development stage and currently owns and leases multiple residential real estate properties in Singapore. Mr. Brogan is also an investor in a variety of private equity transactions. From June 1998 to April 2000, Mr. Brogan was a managing director of Tiger Management LLC where he concentrated on regional equity investment opportunities, and was primarily responsible for the generation of long and short equity recommendations in publicly traded Japanese companies. From 1990 to 1998, Mr. Brogan worked as a sell-side financial analyst covering a range of Japanese industries, including the auto industry as a director at Salomon Smith Barney, where he was ranked by U.K. and U.S. clients in both the Institutional Investor (1997 All-Japan Research Team Poll) and Greenwich Analyst surveys in 1996 and 1997, from 1996 to June 1998 at Jardine Fleming’s Tokyo office where he focused on auto industry research, the Japanese game sector and software companies as a special situations analyst at Smith Barney. Prior to that, Mr. Brogan focused on Japanese micro cap stocks at Marusan Securities in Tokyo. Mr. Brogan received a Bachelor of Arts degree summa cum laude from Queens College of the City University of New York and a Masters Degree in Philology from the Harvard Graduate School of Arts and Sciences in Cambridge, MA.


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