Leadership Team



Jeffrey Wlodarczak
Principal and Senior Analyst - Entertainment/Interactive Subscription Services

Wlodarczak founded Pivotal Research Group in January 2010, after a 15 year career in sell side institutional equity research exclusively covering the media and communications space. Wlodarczak is known for his deep understanding of the media & communications industry, ability to consistently predict the key investment themes for the sectors well before his peers, strong stock selection ability and excellent relationships with media & communication industry senior executives.

Wlodarczak started his career at Donaldson, Lufkin & Jenrette as part of a top ranked media & communications research team and then went on to senior analyst positions at CIBC World Markets and Wachovia (now Wells Fargo) where he was consistently ranked among the top analysts at both firms.   

Wlodarczak has won Forbes Best Media analyst on Wall Street award, won the Wall Street Journal award for stock picking, ranked number one on Wall Street in media earnings accuracy by StarMine, finished among the top cable & satellite analysts on Wall Street in the Institutional Investor survey and participates in industry conferences as a media & communications expert.  In 2018, he received an award as a top media sector earnings forecaster from Thomson Reuters StarMine.

Wlodarczak’s current equity coverage is focused on the global cable sector, the U.S. satellite sector, and Liberty Media related companies.  Wlodarczak received his undergraduate degree in History & Economics from Virginia Tech and his MBA in Finance from Indiana University's Kelley School of Business.  Wlodarczak lives in New York City with his wife and two sons.  In his spare time he coaches both of his sons' baseball teams.

Jeff can be reached at jeff@pvtl.com.


Timothy Ramey
Senior Analyst - Food/Beverage/Nutrition

Mr. Ramey is a Senior Analyst at Pivotal and focuses on the Food, Beverage & Nutrition sectors.  His expertise was honed over 26 years as a “Sell-Side” Food and Beverage Industry analyst for D.A. Davidson & Co., Deutsche Bank, NatWest, and Kidder, Peabody & Co. His industry experience includes Vice President Strategy and Corporate Development for Sara Lee Corporation as well Director of Strategic Ventures for Post Holdings.  

Tim has been recognized by the Wall Street Journal five times in their “Best on the Street” survey of top industry analysts and in 2009 was recognized by Forbes Magazine as the top Wall Street analyst, across all sectors.  In 2013, Starmine named Tim as the #2 analyst of all U.S. based Wall Street analysts in all sectors for his stock selection performance.  In early 2016, Tim was recognized by Business Insider as one the top 10 analysts on Wall Street for successful stock selection performance for 2015.  Tim is based in Salem, Oregon where he owns and operates Zenith Vineyard – a significant vineyard in Oregon’s Willamette Valley.

Tim can be reached at tim@pvtl.com

Ajay Jain
Senior Analyst – Supermarkets/Drug Stores/Food Distribution

Mr. Jain is a Senior Analyst at Pivotal Research Group focused on the Supermarkets, Drug Stores and Food Distribution sectors. He brings to Pivotal a wealth of experience (15 years focused on food/drug retail) providing invaluable perspective/expertise/knowledge, a demonstrated track record of success at stock selection, in-depth corporate and industry relationships, and a willingness to make aggressive and differentiated fundamental stock/industry calls. Ajay was recently recognized as among the Top 100 for 2018 performance by TipRanks.
Ajay previously served as Managing Director at Cantor Fitzgerald, where he was responsible for coverage of consumer and retail stocks. Prior to that, he was a Senior Equity Analyst at UBS for 7+ years where his coverage included supermarkets, drug stores, hardline retailers, and food distributors. Additionally, his background includes hands-on experience in the consumer packaged goods industry, most notably at Polaroid and Gillette. Ajay holds an MBA from The Wharton School and a BA in Economics from the University of Massachusetts.
Ajay can be reached at ajay@pvtl.com

Mitch Kummetz, CFA
Senior Analyst – Footwear/Apparel Vendors and Retailers

Mr. Kummetz is a Senior Analyst at Pivotal Research Group focused on the Footwear/Apparel Vendors and Retailers.  He has 20+ years of sell-side research experience, having previously worked for B. Riley, R.W. Baird, D.A. Davidson, Wedbush Morgan and A.G. Edwards.   

Mitch is known for his in-depth and differentiated industry/company analysis, as well as his proprietary retail surveys which are based on his extensive industry knowledge and contacts.  Mitch has been recognized by The Wall Street Journal, Forbes and Starmine for his stocking picking ability, most recently in 2016 by Starmine as the #3 Specialty Retail stock picker. Mitch holds an MS in Finance from the University of Wisconsin-Madison and a BS in Quantitative Economics and Decision Sciences from the University of California-San Diego.  Mitch is based in Denver, CO and is an avid skier, hiker and cyclist.   

Mitch can be reached at mitch@pvtl.com.

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Michael Levine
Senior Analyst – Internet & Media

Mr. Levine is a Senior Research Analyst focused on the Internet and Media sectors.  Prior to joining Pivotal, Mr. Levine spent 10 years working on the buyside focusing on the global Technology, Media, and Telecommunications sectors at Fortress Investment Group, Corabel Capital, AO Asset Management and Trioaks Capital Management.  Prior to investing, Mr. Levine spent 9 years working in senior management in the Internet industry, specializing in consumer Internet and SAAS, including at Yahoo as Director of Strategic Alliances and he led the launch of the Strategic Services division at Coremetrics, a leading web analytics vendor purchased by IBM.

Mr. Levine has an MBA from the University of California at Berkeley Haas School of Business and a BA from the University of California at Berkeley in Economics and Asian Studies. He is fluent in Japanese, is an avid surfer, plays guitar in a band, and lives on the Upper East Side with his wife and their children.

Michael can be reached at michael@pvtl.com

Jeff Shelton, CFA
CFO & COO, Chief Compliance Officer

Mr. Shelton has been with Pivotal Research Group since its inception in 2010 and currently serves as the firm’s CFO & COO as well as Chief Compliance Officer.

Previously, he spent 12+ years as a sell-side research analyst covering TMT, starting his career at Donaldson, Lufkin & Jenrette before moving to Credit Suisse First Boston, Deutsche Bank and Natixis Bleichroeder. Jeff received his B.S. in Industrial Management from Carnegie Mellon University and his MBA from Indiana University's Kelley School of Business double majoring in Finance and Information Systems.

Jeff can be reached at jeff.shelton@pvtl.com

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Philippe Crampe
Head of Business Development

Mr. Crampe joined Pivotal in 2018 and currently serves as the firm's Head of Business Development. 

Mr. Crampe began his career in 1999 as an investment banker with Morgan Stanley, where he advised financial institutions and worked in the firm's Mergers, Acquisitions & Restructuring Division. He then transitioned to the buy-side as a founding partner with the Silvertree Group, a generalist long/short investment management and consultancy firm in the Bay Area. Thereafter, Mr. Crampe joined SAC Capital Advisors LP and CR Intrinsic Investors LLC in Stamford, CT as an Analyst & Senior Analyst from 2003 to 2011, where he also helped coordinate research across the firm's TMT portfolios. In 2012, Mr. Crampe joined Surveyor Capital, an affiliate of Citadel, in New York. Prior to joining Pivotal, he was a Director and Portfolio Manager at UBS O'Connor, where he oversaw a global, beta neutral, and factor neutral portfolio.  Mr. Crampe graduated magna cum laude from Princeton University, where he received a BSE in Civil Engineering & Operations Research. He speaks French and Japanese with native fluency.

Philippe can be reached at philippe@pvtl.com


Kelly Hensley
Director of Public Relations/Marketing

Kelly Hensley is the Director of Public Relations & Marketing for Pivotal Research Group and had been with the firm since it was founded. Kelly brings over 20 years of experience in strategic planning, crisis management and media relations to the firm.  Prior to joining Pivotal, Kelly worked in senior roles for two of the Washington, DC area's top 20 public relations firms as well as Hill & Knowlton NYC providing counsel to a wide variety of clients.  Ms. Hensley received her B.S. from Vanderbilt University.

Kelly can be reached at kelly@pvtl.com

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