Since his retirement in 1998 after a 30-year career on Wall Street, Mr. Callaghan has been a private investor; the Chairman of Legent Clearing Corporation of Omaha, Nebraska; and a board member of several non-profits, including the Ireland Funds America and NARSAD.

At Lehman Brothers, Mr. Callaghan was Chief of Operations and Technology from 1991 to 1998. He was also a member of the Lehman Brothers Operating Committee and the Corporate Management Committee.

Prior to joining Lehman Brothers, Mr. Callaghan held various senior positions in the securities processing and operations groups of the American Express Information Services Corporation and Shearson Lehman Brothers. At Shearson Lehman Brothers, he was head of the Securities Processing Group. Mr. Callaghan previously was a general partner at Bear Stearns as well as a member of its management and operations committees. He worked at Bear Stearns from 1975 to 1988, when he left to work full time at Covenant House, a non-profit organization for troubled young people. Prior to joining Bear Stearns, Mr. Callaghan had held positions at Industrial Bank of Japan, Lynch Jones & Ryan and Coopers & Lybrand.