Richard M. Horowitz

Chairman & Chief Executive Officer

Rick oversees all aspects of the business, providing expertise in operations, strategy, acquisitions and corporate finance. In addition to serving as a director at many for-profit companies, Rick is the Chair of the Board of Trustees of the Wistar Institute, a member of the Board of Overseers of the University of Pennsylvania School of Arts and Sciences, the treasurer and a member of the Board of Directors of the Children’s Crisis Treatment Center and a member of the Board of Directors of the National Constitution Center. Rick earned a J.D., magna cum laude, from Harvard Law School and a B.A., summa cum laude, in Economics and Political Science from the University of Pennsylvania. RAF team member since 1991.

Peter Harris

Senior Vice President & Chief Operating Officer

Peter works broadly with the RAF team to ensure that our companies grow, overcome operational obstacles, and realize strategic objectives, as well as sourcing and executing new portfolio opportunities. Previously, he spent 10 years as Managing Director at Axel Johnson, Inc., a New York-based single-family direct private investment office, and served as CEO of two different operating businesses. Peter holds a B.A. in Mathematics from Middlebury College and an M.B.A. from the University of Virginia. RAF team member since 2022.

Michael F. Daly

Senior Advisor

A Certified Public Accountant, Mike joined RAF Industries after a long tenure at the national accounting firm of Laventhol & Horwath. He oversees the day-to-day planning, implementing, managing, and controlling of all financial-related activities for the company. He has direct responsibility for accounting, finance, forecasting, strategic planning, benefit programs, deal analysis, equity management, capital structure, banking relationships, and compliance. Mike earned an M.B.A. in Accounting and a B.S. in Business Management from Temple University. RAF team member since 1987.

Cheryl McCullough

Chief Financial Officer

Cheryl is a Certified Public Accountant who joined RAF after a long tenure with the national accounting firm of McGladrey & Pullen, LLP (now RSM US LLP). She is responsible for the financial reporting, on a consolidated basis, of all RAF companies for auditors, banks and senior RAF management. Cheryl provides ongoing financial, audit and tax support to the RAF companies. She also supports RAF’s broader management efforts across its portfolio of companies. Her B.S. in Business Management, with a concentration in accounting, from Saint Joseph’s University. RAF team member since 2007.

Jeffery Panarey

Vice President of Acquisitions & Chief Digital Officer

Jeff’s primary responsibilities at RAF include sourcing new acquisitions, implementing digital marketing and advanced analytics strategies, and assisting with select operational initiatives across the portfolio. In addition to managing the acquisition due diligence process and assisting in divestitures, Jeff provides RAF’s portfolio of companies with operational support and add-on acquisition guidance. As Chief Digital Officer, he oversees innovation and transformation, driving growth through strategic use of technology, tools and platforms. Jeff came to RAF from Goldman Sachs & Co. He earned his B.S., magna cum laude, in Finance and Marketing from Drexel University and went on to graduate with an M.B.A. from the Wharton School of the University of Pennsylvania with honors. RAF team member since 2006.

Jeff Horowitz

Vice President of Acquisitions

Jeff is responsible for sourcing new acquisitions and assisting with select operational initiatives across the RAF portfolio of companies. Previously, Jeff was an associate and investment manager with H.I.G. Capital in New York and London. He began his career as an investment banking analyst with Guggenheim Securities in their Financial Sponsors Coverage group. He earned a B.S., magna cum laude, in Economics from the Wharton School of the University of Pennsylvania. RAF team member since 2021.

Andrew Donald

Director of Business Development

Andrew is responsible for sourcing new acquisition opportunities and assisting with select operational initiatives across the RAF portfolio. He advises our portfolio companies on add-on acquisition opportunities and organic growth initiatives. Previously, Andrew was a senior manager in mergers and acquisitions at McKinsey & Company and an associate in the technology investment banking group at Jefferies. Andrew holds a B.A. in Political Science from the University of Pennsylvania and an M.B.A. in Finance, with honors, from Vanderbilt University. RAF team member since 2023.

Andrew Cercena

Investment Associate

Andrew is responsible for sourcing new acquisitions and assisting with select operational initiatives across the RAF portfolio of companies. Previously, he was an investment banking analyst with Delancey Street Partners. Andrew earned a B.S., summa cum laude, with honors, in Finance and Entrepreneurship from the University of Delaware. RAF team member since 2023.

Amy A. Fox

Assistant General Counsel

Formerly a corporate lawyer with the Philadelphia law firm of Dilworth Paxson, Amy provides legal counsel to the RAF companies. She supports RAF’s legal strategy across transactions, acquisitions, and ongoing business development initiatives. Amy serves on the Board of Trustees of the Philadelphia Museum of Art and is also a member of their Women’s Committee. Amy earned a B.A., with distinction, in Psychology from Stanford University and a J.D. from the New York University School of Law. RAF team member since 1994.

Harry J. Ferguson

Risk Manager

With nearly 30 years of experience in the insurance industry, Harry has worked in both the insurance carrier and brokerage worlds. A risk management specialist with expertise in cost containment, claims and litigation management, loss control programs, along with health and benefits insurance, Harry joined RAF after many years with insurance broker Willis Towers Watson. He is a graduate of Wheeling College, where he earned a B.A. in Pre-Law. RAF team member since 2010.

David A. Bennett

Director of Logistics

Dave’s expertise is rooted in 35+ years of transportation and logistics consulting for manufacturing and distribution businesses. At RAF, he works across our investment portfolio of companies to leverage the group’s combined purchasing power to deliver significant cost savings and executive support. His experience in evaluating, implementing, and managing parcel and freight operations serves as an invaluable asset to our operating partners. Dave earned an M.B.A. from Loyola College and a B.S. in Business Logistics from The Pennsylvania State University. RAF team member since 2004.

Jeffery Hoeflich

Director of Tax Compliance

Jeff, a Certified Public Accountant, joined RAF after garnering over 25 years at Arthur Andersen & Co. and KPMG. He supervises all aspects of corporate and individual tax compliance for the RAF family of companies. Jeff earned a B.S., magna cum laude, in Accounting from Lehigh University. RAF team member since 2019.

Jonathan Sharkey

Controller

Jon is a Certified Public Accountant who joined RAF following four years at Ernst & Young and Marcum. He has an extensive background working on hedge funds and private equity funds. At RAF, Jon supports our tax and accounting teams by assisting our portfolio companies with ongoing compliance and reporting matters. He earned a B.S. in Accounting from The Pennsylvania State University. RAF team member since 2022.

Abigail Schmitt

Assistant Controller

Abigail joined RAF Industries in November 2025 and supports the portfolio companies with financial reviews, providing technical accounting support, and assisting with audits for year-end financial statements and 401(k) plans. She also contributes to monthly and quarterly financial reporting across the portfolio. Prior to joining RAF, Abigail spent five years at RSM as an Assurance Supervisor, where she gained extensive experience working with middle market clients and developed expertise in U.S. GAAP. She holds a Bachelor of Business Administration in Accounting from Temple University. RAF team member since 2025.

aschmitt@rafequity.com

Sue Hoeflich

Senior Tax Analyst

Sue oversees tax compliance for all of RAF’s companies and assists with special projects. She has an extensive background in audit and tax, launching her career at Arthur Andersen & Co., then working in the telecommunications industry for RCN and Sidera Networks. Sue is a graduate of the University of Delaware, where she earned a B.S. in Accounting. RAF team member since 2013.

Richard Deede

Director of Digital Marketing

With a keen focus on growth and efficiency, Richard heads up digital marketing and strategy across RAF’s portfolio companies. He previously led SEO and organic growth teams within the Publicis agency network and served as GM of new vertical strategy and Editorial Lead for Motley Fool Money. Richard holds a B.A. in Mass Communication from the University of Delaware. RAF team member since 2025.

Oma Siemuri

Senior Data Analyst, Digital Analytics

Oma oversees implementing data and digital analytics initiatives that optimize efficiency in select operations and drive digital growth across our portfolio companies. He came to RAF after working in data analytics at LivePerson Inc., and supporting operations, IT risk management, and analytics at several banking institutions. He holds an M.S. in Information Systems and Business Analytics, as well as an M.B.A. from Point Park University. RAF team member since 2023.

Arthur Kiselnikov

Investment Analyst

Arthur is responsible for sourcing new acquisitions and assisting with select operational initiatives across the RAF portfolio of companies. Before joining RAF, he interned with William Blair & Company and CIBC. Arthur earned a B.A. in Economics with a minor in Data Science from the University of Chicago. RAF team member since 2024.

Noah Lindeman

Investment Analyst

Noah identifies new acquisition opportunities and facilitates operational initiatives across our portfolio of companies. Prior to joining the RAF team, he interned at Graham Partners and Delancey Street Partners. Noah earned a B.S., magna cum laude, in Business Administration from Boston University. RAF team member since 2025.