Glenn W. Welling
Chief Investment Officer

Glenn is the founder and CIO of Engaged Capital, a constructive activist fund that invests in small and mid-cap public companies. Previously, Glenn was a Principal and Managing Director at Relational Investors, a $6B activist fund. He was responsible for managing the fund’s consumer, healthcare and utility investments and was involved in all aspects of Relational’s research process.

Prior to Relational, Glenn spent 7 years as a Managing Director at Credit Suisse and Head of the Investment Banking Department’s Advisory Business. He built his group into one of the leading commercially focused advisory businesses on Wall Street advising on over $100B of transactions. Glenn joined Credit Suisse when the Firm acquired HOLT Value Associates, where he was a Partner and Managing Director. Prior to HOLT, Glenn was the Managing Director of Valuad U.S., a financial software and advisory business. Prior to Valuad U.S., he worked at leading consulting firms including A.T. Kearney and Marakon Associates.

Glenn is a member of the Board of Directors of TiVo Corporation, a NASDAQ listed provider of digital entertainment technology solutions where he is the compensation committee chair and a member of the strategy committee and the corporate governance and nominating committee, and The Hain Celestial Group, a NASDAQ listed leading marketer, manufacturer and seller of organic and natural better-for-you-products where he is a member of the compensation committee and Strategic Working Group. From 2015 to 2018 he served on the Board of Medifast, Inc., a NYSE listed manufacturer of medically based, proprietary healthy living and meal replacement products where he was a member of the audit, compensation, and mergers and acquisitions committees. From January 2015 to August 2018 he served on the Board of Jamba, Inc., a NASDAQ listed leading restaurant retailer of better-for-you food and beverage offerings where he was the compensation committee chair and a member of the finance committee. He also serves on the Corporate Governance Advisory Council of the Council of Institutional Investors. Glenn also teaches executive education courses at the Wharton School of Business, his alma mater. He serves as Chairman of the Board of Directors for the university’s tennis program and as a member of the Wharton Executive Education Board.


David Demarest
Chief Operating Officer

Mr. Demarest serves as the Chief Financial Officer, Chief Operating Officer and Chief Compliance Officer at Engaged Capital. Mr. Demarest is responsible for all middle and back office operations at Engaged Capital. He has worked in the investment management industry for over 22 years, and has extensive experience across finance, operations and compliance. Prior to joining Engaged Capital, Mr. Demarest spent 10 years as the Chief Administrative Officer at Relational Investors LLC, a $6 billion activist equity fund. Before Relational, he served as Chief Financial Officer of $2.5 Billion AUM Freeman Associates Investment Management, a quantitative investment advisor, and Chief Financial Officer of online investment advisor Before that he was Chief Operating Officer at Montgomery Asset Management, a multi-line investment advisor with $10 Billion under management. Mr. Demarest has also managed the mutual fund operations for the Copeland Companies, and for Wells Fargo Bank, NA. He began his career as an auditor at KPMG in New York City, where he was also licensed as a Certified Public Accountant. Mr. Demarest earned a Bachelor of Business Administration in Accounting from the Bradley University and a Masters in Business Administration from New York University.


Christopher B. Hetrick, CFA


Mr. Hetrick is the Director of Research at Engaged Capital. His responsibilities include managing the research process from idea generation through to portfolio company communication as well as developing and overseeing the analyst team.

Prior to joining Engaged Capital, Mr. Hetrick spent over ten years with Relational Investors, a $6 billion activist equity fund which he joined following completion of his undergraduate studies. Mr. Hetrick began his career with Relational as an associate analyst when the firm had roughly $800 million in assets under management. He eventually became the firm’s senior consumer analyst overseeing over $1 billion in consumer sector investments. Prior to his work heading up the consumer research team, Mr. Hetrick was a generalist covering major investments in the technology, financial, automotive and food sectors.

Mr. Hetrick is a member of the Board of Directors of Rent-A-Center, Inc., a NASDAQ listed furniture and electronic rent-to-own company. Mr. Hetrick graduated summa cum laude with degrees in Economics and Finance from Pepperdine University in Malibu, CA. He is also a CFA charterholder.


Richard T. Gray

Chief Client Officer

Mr. Gray is Chief Client Officer at Engaged Capital. His responsibilities include managing client relationships and new business development for the Firm.

Prior to joining Engaged Capital, Mr. Gray served two years as a Managing Director with J.P. Morgan Asset Management and was responsible for new business development in their global alternative investments business. Previously, Mr. Gray spent eight years with the alternative investment firm, Ramius LLC, as a Managing Director responsible for new business and product development where he was a senior member of the team and led business development efforts for Starboard Value. Before his role at Ramius, Mr. Gray held senior sales management positions with institutional asset managers John A. Levin and Co., Goldman Sachs & Co., United Asset Management and Dreyfus Corporation.

Mr. Gray graduated with a B.B.A. in Investments, Banking & Finance from Hofstra University.


Greg Paulsen, CFA
Risk Management
& Trading

Mr. Paulsen serves as the Director of Risk Management & Trading at Engaged Capital where he is responsible for the firm’s hedging strategy, portfolio analytics, and trading.

Prior to joining Engaged Capital, Mr. Paulsen served as a Product Specialist at Relational Investors where he worked alongside the research staff and was responsible for the firm’s portfolio analytics as well as product development. Before joining Relational Investors, Mr. Paulsen was an Assistant Portfolio Manager at Freeman Associates Investment Management where he helped manage several long-short and long only equity strategies. Prior to Freeman, Mr. Paulsen was an Assistant Portfolio Manager at Barclays Global Investors Alpha Strategies Group, where he was accountable for implementing quantitative equity strategies. He started his career as an Analyst with Barra, a provider of risk management tools and analytics for institutional investors.

Mr. Paulsen earned a Bachelor’s degree in Economics with a concentration in Finance from California Polytechnic State University, San Luis Obispo and is a CFA Charterholder.


Brendan Springstubb, CFA
Senior Analyst

Mr. Springstubb is a Senior Analyst at Engaged Capital. His responsibilities include idea generation, fundamental research, engagement strategy, and portfolio company communications.

Prior to joining Engaged Capital, Mr. Springstubb spent nearly eight years at Relational Investors, a $6B activist equity fund. At Relational, Mr. Springstubb was most recently the senior analyst covering the healthcare sector where was responsible for identifying and overseeing activist investment opportunities, communicating with portfolio company management teams, and managing a team of two associate analysts. Prior to leading the healthcare group, Mr. Springstubb was a generalist covering investments in the telecom, financial, and technology sectors.

Mr. Springstubb is a member of the Board of Directors of SunOpta, Inc., a NASDAQ listed global company focused on organic, non-genetically modified and specialty food products. He earned a Master’s degree in Biotechnology with a dual concentration in Biotechnology Enterprise and Regulatory Affairs from the Johns Hopkins University and a Bachelor’s degree in Economics and Molecular Biology from Pomona College. Mr. Springstubb is also a CFA Charterholder and a Certified Financial Risk Manager



Blake Zacharias
Senior Analyst

Mr. Zacharias is a Senior Analyst at Engaged Capital. Prior to joining Engaged Capital, Mr. Zacharias spent four years at Relational Investors, a $6 billion activist equity fund in San Diego. At Relational, Mr. Zacharias served as the primary Analyst covering the Industrials and Materials sectors. He assisted the Managing Directors in selecting new investments, interacting with portfolio company management teams, and catalyzing strategic changes at portfolio companies.

Prior to his promotion to Analyst, Mr. Zacharias served as an Associate Analyst at Relational Investors and worked on investments in the industrial, materials, and financial sectors. Mr. Zacharias joined Relational immediately after graduating from Claremont McKenna College, where he graduated Magna Cum Laude with degrees in Economics and Mathematics.


Andrew Jung

Mr. Jung serves as the Controller at Engaged Capital. Mr. Jung is responsible for assisting the Chief Financial Officer with all fund accounting and audit related matters for the firm. He has worked in the alternative investment industry for over eight years and has extensive experience across various areas of financial accounting and fund operations.

Prior to joining Engaged, Mr. Jung was an Operations Associate at Empyrean Capital, a corporate event-driven and relative value investment manager with AUM of $2.2 billion. Before Empyrean Capital, he was an Accounting Manager at Oaktree Capital Management, an $83 billion private equity firm. Mr. Jung began his career at Pacific Alternative Asset Management Company as a fund accountant.

Mr. Jung earned a Bachelor of Business Administration in Finance from the University of Southern California and is a Certified Public Accountant.



Emily Marroquin
Investor Relations Associate

Ms. Marroquin is an Investor Relations Associate at Engaged Capital. She coordinates investor communications, facilitates preparation of investor materials, and assists in establishing and maintaining investor accounts. Prior to joining Engaged Capital, Ms. Marroquin was a Project Coordinator at Peregrine Realty Partners, a Southern California commercial real estate and investment advisory firm where she assisted in managing the daily operations of their Los Angeles portfolio. Ms. Marroquin earned a Bachelor of Science in Finance from the State University of New York at Oswego.



Patrick Roy
Associate Analyst

Mr. Roy is an Associate Analyst at Engaged Capital, working on investments across all industry verticals. Prior to joining Engaged Capital, Mr. Roy was an Analyst in the Investment Banking Division of RBC Capital Markets in New York, where he worked on a variety of engagements across corporate finance and mergers & acquisitions.

Mr. Roy holds a bachelor’s degree in Economics, Cum Laude from the University of Notre Dame.