Stadion Leadership

Firm Management Team

Jud Doherty, CFA

President and CEO, Investment Committee member

Photo of Jud Doherty, CFA

Jud Doherty currently serves as President and CEO of Stadion, is the President of the Stadion Investment Trust, is a member of the firm's investment committee, and serves on the Board of Directors of Stadion. Under Jud's leadership, Stadion has sought to distinguish itself as a leader in customized participant level investment solutions in the advisor driven 401(k) market. Jud joined Stadion in 2001 after 10 years in various defined contribution roles, including 401(k) recordkeeping, relationship management and 401(k) investment consulting.

Jud earned his Bachelor of Arts degree in Economics from Vanderbilt University and holds the Chartered Financial Analyst designation. He is a member of the CFA Institute and the Atlanta Society of Financial Analysts. Previously he has served on the Board of Trustees of the Emmanuel Episcopal Endowment Fund, the Board of Governors of the Athens Country Club, and the Board of Directors of the Stadion Classic at UGA golf tournament; he was also a member of the Athens Historic Preservation Commission. Outside of the office Jud enjoys playing golf, classic Mustangs, historic homes, and spending time with his family.

Duane Bernt, CFA

Chief Administrative Officer and Chief Financial Officer, Investment Committee Chair

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Duane Bernt is the Chief Administrative Officer and Chief Financial Officer of Stadion Money Management. Duane serves as the Chair of the Stadion Investment Committee. In Duane’s role as Stadion’s CAO and CFO he focuses on driving the company’s strategy and culture toward helping people prepare for retirement – a simple philosophy of “saving more and hanging on”. In turn, he focuses on allocating the company’s capital and resources to the innovative solutions designed to allow retirement advisors and participants to customize participant allocations – bringing portfolio personalization to life for Stadion’s clients. Duane was named Chief Administrative Officer in June 2021. He joined the firm in September 2011 as Chief Financial Officer with over 19 years of industry experience. Prior to joining Stadion, Duane was senior vice president and head of Finance and Strategy for the Retirement Plan Services business of Lincoln Financial Group, a Fortune 500 company. In addition to this, he managed the rollover and retention business efforts. Prior to his business unit CFO role, Duane was vice president of Brand and Innovation at Lincoln Financial. Previously, Duane served as vice president and corporate treasurer at Lincoln Financial. In his capacity as treasurer, Duane was responsible for the company's corporate finance, risk, capital and cash management, and rating agency and banking relationships. Duane also served as second vice president, corporate planning and development at Lincoln Financial, with responsibility for merger and acquisition initiatives and corporate development activities. He also played an instrumental role in the strategic development and implementation of Lincoln Financial Distributors. Duane earned a bachelor's degree from the University of Nebraska in Lincoln, Neb., and his Master of Business Administration from the Wharton School at the University of Pennsylvania in Philadelphia, Pa. He is a Fellow of the Society of Actuaries (FSA) and holds the Chartered Financial Analyst (CFA) designation.

C. Todd Lacey

Chief Revenue Officer

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Todd Lacey currently serves as Stadion’s Chief Revenue Officer, overseeing the revenue generating functions for Stadion’s retirement business, which includes business development, sales, product development and marketing. Lacey joined Stadion in 2017 as the firm’s Chief Business Development Officer (CBDO) of Stadion’s retirement business, where he has been responsible for overseeing the relationships with Stadion’s retirement recordkeeping partners as well as identifying and developing new channels of distribution and product development within the retirement business. Todd has spent his entire 20-year career in the retirement industry. Prior to joining Stadion, Todd held various roles at AEGON/Transamerica including EVP of Strategy & Corporate Development for Investments & Retirement, EVP of Business Development for the US retirement business and Senior Managing Director of Latin America. Prior to Transamerica, Todd was Founder & President of The (k)larity Group, a retirement plan advisory firm that was one of three finalists for the 2010 Plan Sponsor Retirement Plan Adviser Team of the Year Award. Todd is an active contributor to both the retirement industry and his community having served as co-chair of the NAPA 401(k) Summit and board member of the ASPPA Benefits Council of Atlanta. He currently serves as a Board Member of the Foundation for Mitochondrial Medicine. He has a B.S. in psychology from Miami University in Oxford, OH. Outside of the office Todd enjoys running, swimming, and spending time with his wife Cara and two daughters Camryn and Maddie.

Michael Isaac

Chief Compliance Officer

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Prior to joining Stadion as the Chief Compliance Officer in 2010, Michael was the Chief Compliance Officer for a national, independent broker/dealer and responsible for overseeing the development and administration of a comprehensive compliance program. Prior to that, Michael was a securities examiner for seven years with NASD (now FINRA), the nation's preeminent private sector regulatory body. During his NASD tenure, Michael worked in concert with the NASD Department of Enforcement, the SEC, the NYSE and state regulators. Michael was the recipient of the NASD President's Award and was also nominated for the Chairman's Excellence in Service Award. Michael is a member of the National Society of Compliance Professionals (NSCP) and has participated as a Faculty Speaker at NSCP Membership Meetings. Michael has a Bachelor of Business Administration Degree in Finance from the University of West Georgia. Michael enjoys spending time with his family, traveling and being a sports fan.

Michael Chlan

Chief Technology Officer, Chief Operating Officer

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Michael Chlan came to Stadion in 2001 to develop and manage an IT department capable of meeting the needs of the company. Michael has overseen the development of the critical software programs and technology necessary for continued growth and effective management of Stadion's growing enterprise. He is also responsible for overseeing Investor Services and Relationship Management. He brings over 20 years of technology experience in financial services for both Fortune 500 and startup companies. At Equifax, he led the development of new databases and data selection technologies that facilitated the creation of ChoicePoint, Inc. as a separate entity. As CTO of Consumer Financial Network, Michael built the first multi-vendor financial services shopping and comparison system prompting high level investments by GE Capital. Michael is the lead inventor on several technologies and financial services related patents.

Holly MacMillan

Senior Vice President, Chief Marketing Officer

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Holly MacMillan, who joined the firm in 2009, leads the Stadion Marketing Team. She increases the usage and awareness of the Stadion brand as well as Stadion’s investment products through targeted messaging and client segmentation. Holly's background includes project management, product development, strategic marketing and sales management. Prior to Stadion, she was Group Variable Annuity Product Manager with Genworth Financial. Holly received her Finance degree from the University of Georgia. Outside of work, Holly serves on the Board of Directors for the YWCO, a local recreation and wellness organization, and enjoys spending time with her family and traveling.

Kerr McGowan

Senior Vice President, Retirement Solutions

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Kerr McGowan serves as Stadion’s SVP of Retirement Solutions. In this role, he is responsible for leading the development and implementation of Stadion’s suite of retirement solutions. Kerr has been with Stadion since 2006. Prior to leading product development, Kerr was a representative in Stadion’s Sales and Advisor Services team, conducting client, advisor and plan sponsor meetings. Kerr's experience with Stadion also includes Operations and Portfolio Management. He received his Finance and graduate degrees from the University of Georgia. Outside of the office, Kerr enjoys traveling to different sporting venues, coaching and spending time with family and friends.

Dan Fay

Senior Vice President, Business Development

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Dan Fay serves as Senior Vice President of Business Development.  In this role, he is responsible for managing Stadion’s institutional relationships, which includes retirement recordkeeping partners and specialist retirement advisor firms.  With Dan’s leadership, Stadion has expanded our nationwide distribution of retirement managed accounts and raised awareness of the benefits of personalization. Dan has spent his entire 25-year career in the retirement industry. Prior to joining Stadion in 2018, Dan served as Senior Advisor Relations Manager at Financial Engines with responsibility for establishing and managing relationships with leading financial advisor and consulting firms. He identified and developed new business opportunities through advisors and consultants, leading to the distribution of the firm’s managed account service. Prior to that, Dan was a National Accounts Manager with responsibility for business development at MassMutual Retirement Services. While there, he developed retirement plan opportunities and sales through financial advisor firms.  Other experience includes a variety of roles with New York Life Retirement Plan Services. Dan received his BS degree in Finance from Bentley University. Outside of work, Dan enjoys spending time with his family and playing golf.

Portfolio Management Team

Rob Dailey

Portfolio Management Analyst

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Rob Dailey joined Stadion in 2008 as a Portfolio Management Analyst on our Portfolio Management team. Rob is responsible for assisting in the daily monitoring of Stadion’s proprietary investment model, as well as completing research projects originating from inside and outside the company. Prior to joining Stadion, Rob was an independent financial advisor. He received his degree in Business Administration from Georgia Perimeter College. Rob enjoys playing golf and watching football.

Clayton Fresk, CFA

Portfolio Manager, Investment Committee member

Photo of Clayton Fresk, CFA

Clayton Fresk joined Stadion Money Management in 2009 and currently serves as Portfolio Manager of Stadion’s Retirement investment strategies, which comprises oversight of Stadion’s managed account, target-date, and risk-based strategies. Clayton is a member of the firm's investment committee. He provides thought leadership for Stadion’s participant level, customized retirement solutions, in order to ensure that its glide path technology and asset allocation are able to support all intermediaries in the defined contribution ecosystem.  Clayton holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Minnesota. He also received an MBA degree and a Bachelor's degree in Finance & Marketing from the University of Minnesota.  

Bobby McKnight

Lead Quantitative Analyst

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Bobby joined the Stadion IT Team in 2008. As a Software Engineer, Bobby develops the connectivity and functionality of the Stadion systems, ensuring Stadion's data integrity. Prior to joining Stadion, Bobby was a database administrator for the Warnell School for Forestry and Natural Resources at the University of Georgia. He also received his Master's and Bachelor's degrees in Computer Science from the University of Georgia. Outside of the office, Bobby enjoys skiing, reading, and watching football.

Brian Rosso, CFA

Portfolio Management Analyst

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Brian Rosso joined Stadion in 2015 as a Portfolio Management Analyst on our Portfolio Management team. Brian is responsible for the daily monitoring of clients' portfolios, trading portfolios in line with their investment objective, and reporting and reconciling clients' accounts. In addition, Brian assists in the investment analysis, performance measurement, and research in Stadion's model-driven investment decisions. Brian graduated from the University of Georgia in 2014 with a BBA in Finance. Brian holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Atlanta. Prior to joining Stadion full time, Brian worked as an intern for Vickery Financial Services and as an intern in our Portfolio Management department. Outside of work, Brian is an avid bass fisherman who also enjoys attending sporting events, golfing, and spending time with friends and family.

Amir Kovacevic

Portfolio Management Programmer/Analyst

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Amir joined the Stadion Portfolio Management Team in 2018.  As a Software Engineer, he develops and maintains Stadion systems, tools, web applications and databases. Prior to joining Stadion, Amir has worked in IT and telecommunications for over 5 years. He received his Bachelor’s degree in Information Technology from the Polytechnic of Zagreb. In his spare time he loves spending time with his wife and mountain biking.

Board of Directors

Roy Burns

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Roy is a Managing Director at TA Associates, a leading global private equity firm with an investment strategy of investing in high growth, high quality businesses. At TA, Roy focuses on investments in financial services, business services and other services companies. Prior to joining TA in 2001, he worked at Banc of America Securities in its High Yield and Leveraged Finance Group. Roy also worked at Davidson Kempner Partners, where he focused on public company investments. He received a BS degree in Business Administration, with Special Attainments, from Washington and Lee University and an MBA degree as an Arjay Miller Scholar from the Stanford Graduate School of Business.

Tim Chapman

Founder and Chairman

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Tim Chapman co-founded Stadion, formerly known as Personal Mutual Fund Management (PMFM, Inc.), in 1993, having begun his investment career in 1981 while studying Economics at the University of Georgia. In 1993, he worked to create the technology-driven actively managed investment model that has evolved into a keystone of Stadion's investment management success. Several years later, Tim created Stadion Retirement, formerly known as 401k Toolbox, to bring Stadion's 'win by not losing' investment philosophy to 401(k) plan participants nationwide. Over 100,000 401(k) investors use the professional managed account services offered by Stadion. That number rapidly grew since the 2006 Pension Protection Act included managed accounts among investments approved as Qualified Default Investment Alternatives (QDIA). Under Tim’s leadership, Stadion was named Defined Contribution News Advice Provider of the Year in 2004 and has been featured on the cover of Investment Advisor Magazine. Tim is a noted speaker on financial planning and investment management topics at national industry conferences. Tim enjoys playing golf and spending time with his family.

Jud Doherty, CFA

President and CEO, Investment Committee member

Photo of Jud Doherty, CFA

Jud Doherty currently serves as President and CEO of Stadion, is the President of the Stadion Investment Trust, is a member of the firm's investment committee, and serves on the Board of Directors of Stadion. Under Jud's leadership, Stadion has sought to distinguish itself as a leader in customized participant level investment solutions in the advisor driven 401(k) market. Jud joined Stadion in 2001 after 10 years in various defined contribution roles, including 401(k) recordkeeping, relationship management and 401(k) investment consulting.

Jud earned his Bachelor of Arts degree in Economics from Vanderbilt University and holds the Chartered Financial Analyst designation. He is a member of the CFA Institute and the Atlanta Society of Financial Analysts. Previously he has served on the Board of Trustees of the Emmanuel Episcopal Endowment Fund, the Board of Governors of the Athens Country Club, and the Board of Directors of the Stadion Classic at UGA golf tournament; he was also a member of the Athens Historic Preservation Commission. Outside of the office Jud enjoys playing golf, classic Mustangs, historic homes, and spending time with his family.

Roger Kafker

Photo of Roger Kafker

Roger is a Managing Director at TA Associates, a leading global private equity firm with an investment strategy of investing in high growth, high quality businesses. He heads the Boston office’s Financial and Business Services Group, focusing on investments in financial and business services companies. He is also a member of TA Associates' Executive Committee. Prior to joining TA, Roger served the Bankers Trust Company focusing on leveraged acquisitions. He received his BA, magna cum laude, from Haverford College and his MBA, with honors, from Harvard Business School. Roger is also the co-Founder of the Down Syndrome Research and Treatment Foundation as well as a member of the Board of Managers of Haverford.

Chuck Lombardo

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Charles (Chuck) J. Lombardo is Founder, Principal and Chief Investment Officer of Delta Capital Management (DCM). Chuck is responsible for the development and portfolio management of the DCM Investment Strategy. He actively meets with financial & family office advisors and their clients, as well as endowments, foundations and institutions since inception in 2012. Chuck has successfully established, grown and sold two other businesses during his 30 year, financial/investment career. In 1991, Chuck co-founded Employee Benefits Specialists. As President, he developed and designed employee benefits programs with insurance companies and separately developed plan design & process for hundreds of small & medium size businesses on behalf of financial advisors and brokers. In 1999, CBIZ, Inc. purchased Employee Benefits Specialist. In 2001, after his two-year commitment with CBIZ, Chuck was Founder and President of Retirement Marketing Solutions. His foresight led him to develop products that placed over $5billion in retirement plan assets with product vendors on behalf of advisors. He was instrumental in designing product and process with four different insurance company platforms. Mutual of Omaha purchased Retirement Marketing Solutions in 2008. Chuck began his career at Nationwide Life Insurance Company in 1985 as Regional Sales Director, Manager Large Case Underwriting, Compliance and Plan Design. He achieved recognition as Top 5 Sales Producer for each year at Nationwide. He has his B.S. Finance and A.S. Business Management.

Robert Wagner

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Robert Wagner was the Chairman and Chief Executive Officer of Victory Capital Management and was responsible for all aspects of Victory's asset management business. He was the Chairman of the Victory Capital Management Board of Directors and led Victory's Senior Management Committee. He was also a member of the KeyCorp Executive Council. Robert joined the firm in 2004 as President and was promoted to Chairman and Chief Executive Officer in March of 2005. Prior to joining Victory, Robert served as President and CEO of Gartmore Emerging Managers, LLC, as well as Executive Vice President of Institutional Markets. Prior to joining Gartmore in 2002, Robert was President and CEO of PMG Systems, a privately held company which was backed by private equity firm JMI. PMG provided technology and consulting solutions to the financial services market. Prior to that position, he served as President of the Institutional Markets Division at Pilgrim Baxter & Associates. He also spent 13 years with SEI Investments in a number of executive management positions and is on the board of the University of Colorado Leeds School of Business. Robert received a Bachelor of Science in Business from Western Illinois University.

*The Chartered Financial Analyst ® (CFA ® ) is a qualification for finance and investment professionals, particularly in the fields of investment management and financial analysis of securities. The designation is an international professional certification offered by the CFA Institute to financial analysts who complete a series of examinations. The CFA designation is awarded to candidates who must pass each of three six-hour exams, possess a bachelor’s degree from an accredited institution, and have four years of qualified professional work experience. CFA charter holders are also obligated to adhere to a strict Code of Ethics and Standards governing their professional conduct. Please refer to www.cfainstitute.org for further information.