Deep Down adds fund managers to its board of directors

Deep Down, a Houston-based specialist in deepwater oil and gas distribution equipment and services, has appointed new members to the company’s board of directors.

Deep Down said on Tuesday that it had appointed experienced small cap investors David J. Douglas, principal of Jamaka Capital, and Neal I. Goldman of Goldman Capital Management to the board.

The company added that the appointments filled two recent vacancies on the board, expanding the number of independent directors from two to three. Deep Down’s board now has a 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. 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.”

Douglas is the principal of Jamaka Capital Management and Deep Down’s largest institutional investor, with ownership of approximately 11% of total shares outstanding.

His investment career spans over 30 years as a principal, including 25 years in the family office industry.  He 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 and served on multiple boards and currently serves on the board of managers and as the acting CFO of OSS Suppressors LLC.

As for Neal Goldman, he 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.

He currently also serves as a chairman of Charles & Colvard and as a director of Milestone Scientific and ImageWare Systems. Goldman previously served on the boards of Blyth Industries and IPASS Corporation.

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