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Board of Directors

D. Wayne Silby, Co-Chairman and Finance Committe Chair

Wayne Silby founded Calvert, a $15 billion investment management group in Bethesda, MD, noted for their leadership in the area of socially responsible investment. Though he is no longer active in most of the day-to-day business of Calvert, he serves as President of Calvert Social Investment Fund and supervises its private equity activities. Mr. Silby also co-founded Social Venture Network, a group of socially oriented entrepreneurs and investors, and Calvert Social Venture Partners, one of the first socially oriented venture capital funds.   Mr. Silby helped start an Internet company focused on group collaboration, called GroupServe Foundation, which he now chairs.  He also started the Emerging Europe Fund for Sustainable Investment, a $60 million OPIC private equity fund focused on Central Europe.

Mr. Silby chairs the China Committee of Grameen Foundation USA, on whose board he also serves, and serves on the board of the Grameen Technology Council, which addresses issues of the "digital divide." He has a BS in Economics from the Wharton School of Finance at the University of Pennsylvania, and a JD from the Georgetown University Law Center.

John G. Guffey, Jr., Co-Chairman; Audit Committee Chair; Acting Investment Committee Chair

John Guffey founded Calvert, a $15 billion investment management group in Bethesda, MD, noted for their leadership in the area of socially responsible investment. He has worked as the Ventures Fund manager for the environmental and health care fields since 1998. Mr. Guffey is an organizer and board member of the Community Capital Bank of NY. He has degrees in Economics and Finance the Wharton school of Finance at the University of Pennsylvania. 

Mary Houghton

Mary Houghton has been a member of the senior management of Shorebank Corporation since its founding in 1973 and is currently president of Shorebank and responsible for expansion management.   Shorebank is a regulated bank holding company which invests its own resources and attracts external resources to under-invested urban and rural communities in Illinois, Ohio, Michigan and Washington state. It is the first and largest community development bank in the United States. 

Since the early 1980s she did short term advisory work in Bangladesh at Grameen Bank and the Bangladesh Rural Advancement Committee and in Pakistan at the Aga Khan Rural Support Program.  Shorebank subsequently has advised banks in Poland, Russia and other ex-Soviet Union nations on lending to small businesses.  It expects to be an investor in K-REP Bank in Kenya, BASIX in India and BRAC Bank in Bangladesh. 

Ms. Houghton was the senior lender and senior operating officer of the South Shore Bank in Chicago. She was a co-founder of two nonprofit organizations in Chicago formed to meet the economic needs of low and moderate women and serves on the boards of several national and international organizations providing enterprise credit.  Her degrees were an M.A. in international studies from Johns Hopkins University and a B.A. cum laude from Marquette University.

Margaret Clark, Advancement Committee Chair

Peggy Clark is the Executive Vice President for Policy Programs at the Aspen Institute in Washington, D.C. From 1991 to 2000, she founded and served as the Executive Director of the Economic Opportunities Program at the Aspen Institute, and received the Presidential Award for Excellence in Microenterprise Development from President Bill Clinton. Prior to Aspen, she served as Co-Chair of the Women's Program Forum at the Ford Foundation. She also served as Program Officer for Women and Employment Grants in the Foundation's Rural Poverty division. From 1985 to 1988, Ms. Clark directed the Small Scale Enterprise at the Save the Children Federation.

Ms. Clark graduated with Honors from Colgate University with a BA in Anthropology and Fine Arts, and she earned her Masters from Johns Hopkins University School of International Studies in International Economics and Latin American Economic Development. She also serves on the board of the Paraprofessional Healthcare Institute in the South Bronx.

Barbara J. Krumsiek

Barbara Krumsiek has been CEO and President of Calvert Group, Ltd. since 1997. Calvert manages over $15 billion in assets across more than 40 mutual funds, including award-winning fixed income portfolios and a full lineup of socially responsible mutual funds. Ms. Krumsiek's career in the investment industry spans three decades. Before coming to Calvert, Ms. Krumsiek was a Managing Director at Alliance Capital Management LP in New York City. At Calvert, she has presided over a period of dramatic growth and increased visibility, both within the socially-responsible investment sector (SRI) and in the financial services industry as a whole. Under her leadership, the firm's sales have grown seven-fold and increasing the firm's presence among individual investors, advisors and the expanding retirement plan including 401(k) plans, has expanded dramatically.

Graduating Phi Beta Kappa with honors from Douglass College, Rutgers University, Ms. Krumsiek received a Bachelor’s degree in mathematics.  She received a Master’s degree in mathematics from the Courant Institute of Mathematical Sciences, New York University.  In 2000, the Rutgers University Alumni Federation added her to the Hall of Distinguished Alumni, and in that same year, Douglass College and the Associate Alumnae named her to The Douglass Society.  In May, 2002 Georgetown University awarded Ms. Krumsiek the Degree of Doctor of Humane Letters, Honoris Causa, citing her work in advancing the critical dialogue regarding the role of business in society.

Ms. Krumsiek, a native New Yorker, resides in Bethesda, Maryland with her husband, Bart Leonard, and their two daughters. 

Terrence J. Mollner, Governance Nominations Committee Chair

Terrence Mollner is the founder and chair of Massachusetts-based Trusteeship Institute, Inc., an economic and social policy think tank and consulting firm. Dr. Mollner is also a founding member of the board of trustees of the Calvert Family of Socially Responsible Mutual Funds. He is also founder of Calvert Foundation. 

Mr. Mollner has written numerous articles and is one of a number of authors in two books recently published by Sterling and Stone: New Traditions in Business – Spirit and Leadership in the 21st Century and Community Building – Renewing Spirit and Learning in Business. He is also a fellow of the World Business Academy, a member of Social Venture Network, and a founder and member of the board of The Fourth Sector Network, Inc.

Maria Otero

María Otero is president & CEO of ACCION International. A leading global microfinance institution that seeks to open the financial systems in developing countries to reach the poor, ACCION provides technical assistance, equity investment and financial services to 27 of the most advanced microfinance institutions in the world. Ms. Otero first joined ACCION in 1986 as director of its lending program in Honduras, where she lived for three years. She became president of the organization in 2000.

Ms. Otero is a leading voice on sustainable microfinance, and has published extensively on the subject, including as co-editor of The New World of Microfinance, published by Kumarian Press. Ms. Otero chairs the board of ACCION Investments, a US$20 million investment company for microfinance. She currently serves or has served  on the boards of three regulated microfinance institutions in Latin America: Mibanco in Peru, BancoSol in Bolivia and Compartamos in Mexico. Ms. Otero serves on several other boards, including that of the Calvert Foundation, the United States Institute of Peace, and BRAC Holding of Bangladesh, the largest NGO in the world, and is a member of the Advisory Group for Poverty for the Clinton Global Initiative.

From 1995-2005, Ms. Otero served as the chair of the MicroFinance Network, a global association of 30 leading microfinance institutions. She chaired the board of Bread for the World from 1992-1997. In 1994, President Clinton appointed Ms. Otero to serve as chair of the Board of Directors of the Inter-American Foundation, a position she held until January 2000. She has also served in an advisory capacity to the World Bank's Consultative Group to Assist the Poorest (CGAP).  She is a member of the Council for Foreign Relations.

Since 1997, Ms. Otero has been an adjunct professor at the John Hopkins School for Advanced International Studies (SAIS). In 2000, she received Hispanic Magazine’s “Latina Excellence Award,” and was also featured in Latina magazine. In 2005, she was profiled in Newsweek’s special report, “How Women Lead” as one of 20 of the most influential women in the United States, and in 2007 was named one of the 20 leading Hispanic women by Hispanic Magazine.
Ms. Otero has an MA in Literature from the University of Maryland and an MA in International/Relations from Johns Hopkins SAIS. She was born and raised in La Paz, Bolivia, and resides in Washington, DC with her husband and three children.

Reggie Stanley

Reggie Stanley is the Chief Marketing Officer and has led Calver Groupt's marketing and product development initiatives for the past six years. Mr. Stanley has twenty-five years of experience in investment, economic development and entrepreneurial businesses. Prior to Calvert he served as President of Boston Community Managed Assets and Chief Operating Officer of its CDFI holding company, Boston Community Capital (BCC). He joined BCC after spending seven years and holding several leadership positions at Fidelity Investments, including Vice President of High Net Worth Marketing and Customer Development and E-Commerce. He has worked at the consulting firms of Bain & Company and McKinsey & Company, as well as served on several community and nonprofit boards aimed at civil justice, economic development, equality and quality of life issues. His current board affiliations include: The Social Investment Forum, Echoing Green, Shared Interest, Doorways to Dreams.  Mr. Stanley is a recent fellow of the Southern Africa/United States Center for Leadership and Public Values.  He earned his MBA at the Wharton School of the University of Pennsylvania and graduated with honors with a BA from the University of Pennsylvania.

Kathy Stearns

Kathy Stearns is an Executive Vice President for Opportunity Finance Network where she is responsible for the success of a unique and increasingly valuable business line that rates CDFIs to facilitate the flow of capital through CDFIs to benefit low-income and low-wealth people and communities. 

Before she joined NCCA, she was Vice President of ACCION International’s US operations. Ms. Stearns has also worked for the Ford Foundation, Partners of the Americas, and was a Peace Corps volunteer in the Dominican Republic. 

Ms. Stearns received an MPS from Cornell University and a BA from Duke University.

Carol Atwood

Ms. Atwood is the President and CEO of Spartacus Media Enterprises (SME) and Executive Producer of "Investing in Media that Matters - A Gathering at Sundance Village".   In 2000, Carol Atwood founded Spartacus Media Enterprises (SME), a social mission media company committed to incubating new projects and ventures, as well as facilitating a link between investors and the media industry. Prior to this, she was President and CEO of TMG, a premiere New York-headquartered sales and marketing outsourcing company that represented the Fortune 500.

During her 17-year tenure with the firm, she employed over 5,000 employees in six offices.  Carol is the recipient of many highly regarded awards, including "NYC Entrepreneur of the Year" sponsored by NASDAQ, USA Today, and Ernst and Young. Additionally, TMG was named "Company of the Year" by the National Association of Small Business Investment Companies. TMG was also ranked among the top 100 women-owned businesses by Working Woman magazine (placing between Martha Stewart and Oprah Winfrey).  Ms. Atwood is active with many organizations, including Renaissance Weekend, the Social Venture Network (a social mission entrepreneurs organization), the Massachusetts Institute of Technology Enterprise Forum (a network of investors and early stage companies), Investors' Circle (a social mission for profit companies investment organization), and Social Venture Partners (a group of individual philanthropists who have pooled their money and talent to help the nonprofit community).

Elizabeth Littlefield

Ms. Littlefield is the CEO of CGAP, a multi-donor organization dedicated to building sustainable financial systems for the poor. CGAP was created to set standards, provide technical and strategic advice to financial institutions, governments and development agencies, and act as resource center for the microfinance industry. 

Ms. Littlefield comes to CGAP from JP Morgan, where she was the Managing Director in charge of JP Morgan’s financing business in Central, Eastern and Southern Europe, Central Asia, Middle East and Africa until leaving to join CGAP.  Prior to this position, Ms. Littlefield held positions at JP Morgan as a Vice President and head debt trader for external and local debt in Africa, Eastern Europe and Asia, and as a Directeur in JP Morgan’s Paris Office in Corporate Finance, among others.  

Parallel to her career in investment banking, Ms. Littlefield also spent a year and a half on loan to microfinance institutions in West and Central Africa. She has served on the boards of several international corporations and nonprofit organizations. She has also taught as an Adjunct Professor at Johns Hopkins University's School of Advanced International Studies (SAIS), and was founder of the Emerging Markets Charity in the UK and an NGO that linked homeless shelters to European food banks.

Ira Lieberman

Since 1995, Dr. Lieberman has been deeply involved in the microfinance (MF) sector. He started and managed the Consultative Groups to Assist the Poorest (CGAP) from 1995 to 1999, and from 2003 to 2004, worked as a Senior Economic Advisor to George Soros and the Open Society Institute, building their microfinance capacity in the Balkans. Since 2005, he has served as the Chairman of the Advisory Board of the Emergency Liquidity Fund for Latin America. Dr. Lieberman is also a member of the Council of Microfinance Equity Funds

In addition to his work in microfinance, Dr. Lieberman was responsible for co-managing the World Bank’s global practice on privatization. From 1999 to 2003, he was responsible for the Bank’s private and financial sector activities in Central Asia, Serbia and the Russian Federation.  

Prior to the World Bank, Dr. Lieberman worked for some twenty years in private business at Arthur Andersen, managed consulting operations in Western Europe for Touche Ross (now Deloitte & Touche), and served as CFO, Executive Vice President and CEO of ICC Industries Inc.'s manufacturing group.

Dr. Lieberman is currently President of his own consulting and advisory company, LIPAM International, Inc., advising client governments, donor institutions and NGOs in various areas of economic development. 

Dr. Lieberman has a BA from Lehigh University, an MBA from Columbia University and a Ph.D. from Oxford University, and has taught courses on structural adjustment at Johns Hopkins School of Advanced International Studies (SAIS).