Team

Dr. Stephan Hostettler is the founder and Managing Partner of HCM. He chairs the Board of Directors and leads the Executive Board.

Since founding HCM in 2002, he has been active as entrepreneur and consultant in Switzerland, the US, Europe and other regions. Prior to that, he worked for a major Swiss bank in the area of financial analysis and as a consultant on corporate finance and corporate governance engagements in the US.

He is a lecturer for Corporate Governance at the University of St.Gallen. His research as well as publications and commentaries have made him an expert and thought leader in the topics of corporate governance, value-based management and compensation. Stephan has become a renowned guest speaker at various universities and conferences, including the TED Talks.

He holds a doctorate degree in finance from the University of St.Gallen and is the author of several books.

Olga Beregova brings over 20 years of expertise in compensation and governance consulting, guiding Boards, Compensation Committees, and management teams in aligning compensation strategies with corporate goals and stakeholder expectations.

Her client portfolio spans publicly traded companies and late-stage startups across diverse sectors. Olga specializes in designing robust compensation frameworks for Boards of Directors and Executive Boards, with extensive experience supporting companies through transformative events like IPOs, mergers, and spin-offs. She also leads HCM's data intelligence and analytics team, leveraging data-driven insights to address complex challenges and foster informed decision-making.

Olga holds a Master in Finance and Capital Markets from the University of Zurich and a Master in Linguistics from Kyiv State University of Foreign Languages.

Dr. Axel May is Senior Partner and member of the Board of Directors of HCM. Axel is leading specialist in risk and corporate finance for the financial services industry and has specialized in executive compensation, corporate governance and financial management.

Prior to joining HCM in 2010, he held for more than 17 years international leadership positions as Chief Financial and Risk Officer at major European and Swiss insurances and banks specialized in wealth and asset management.

Axel regularly publishes articles on compensation, governance and finance topics in specialized magazines and journals. He has served on several professional boards and is teaching at various universities, including the University of Applied Sciences Northwest Switzerland. Axel completed an Executive Program at Havard Business School, holds a doctorate degree in Finance from Kiel University, an MBA in Finance and General Management and a Bachelor of Arts from Munster University.

Dagmar Fresenius is Partner at HCM International and an expert in strategic compensation management, job architecture, and workforce transformation.

Prior to joining HCM in 2025, she founded and led Claire Compensation GmbH, a consultancy specialized in job architecture and compensation strategy. Previously, she held several senior HR leadership roles in the consumer goods and high-tech industries, including at Swisscom AG, where she served as Head of Rewards & HR Analytics with responsibility for group-wide compensation, HR Analytics, Skills & Workforce Management, and Performance Management.

She holds a Master’s degree in Industrial and Electrical Engineering from TU Berlin, including studies at Harvard University, and a Bachelor’s degree from TU Darmstadt. She also completed advanced programs in systemic organizational development at the Beratergruppe Neuwaldegg in Vienna and the Institute for Systemic Professionalism (isb) in Wiesloch.

Dr. Hanna Hummel has over a decade of experience advising Boards and Management teams on governance, finance, executive compensation, regulatory compliance and cultural transformation. As a Partner at HCM, she provides strategic guidance to organizations in navigating complex challenges in these critical areas.

Prior to joining HCM in 2012, Hanna built her expertise in the financial sector, working at a leading Swiss bank in New York and an M&A advisory firm in Zurich.

As a thought leader in her field, Hanna conducts research and publishes extensively on topics such as governance and compensation. She is also a sought-after speaker, regularly sharing her expertise at industry conferences and academic institutions.

Hanna holds a Bachelor of Arts in Economics and a Master of Arts in Banking and Finance from University of St. Gallen. Her doctoral dissertation explored the relationship between bank risk and compensation structures within the context of different regulatory frameworks.

Gabe Shawn Varges is a Senior Partner at HCM and Vice-Chairman of the GECN Group. He has extensive international advisory and senior executive experience. He advises Boards, CEOs, and head of key functions around the world on strategic topics, including when involving governance, culture, compensation, regulation, or compliance elements. He also advises regulators and public authorities.

Prior to joining HCM in 2015, he was a senior executive with major multinationals and served as Head of Governance of a major regulator. He has also served on various boards.

Mr. Varges is a senior lecturer or adjunct professor at various universities in Switzerland and other countries. He is author of numerous publications.

He holds Bachelor's and Master's degrees, and, from Harvard, a Juris Doctor, where he also served as Teaching Fellow and was part of the Harvard Negotiation Project.

Noelle Artho is an Associate Consultant and supports public and private companies in the field of corporate governance and compensation systems.

Prior to joining HCM in 2024, she gained practical working experience in management consulting focusing on process optimization for a leading Swiss accident insurer.

She holds a Bachelor of Arts in Business Administration from the University of St.Gallen. She wrote her bachelor thesis at the Institute for Leadership and Human Resource Management by analysing incentives for blue-collar workers to minimize social discrimination at work.

Noelle is currently pursuing a Master of Arts in Business Innovation at from the University of St.Gallen.

Amanda C. Brack is an Executive Assistant, supporting the Partners and the management team.

Before joining HCM in 2025, she worked in project and event management across the arts, culture, and communications sectors, and supported an examination board in documentation, internal and external communication, and organisational processes.

She holds a Bachelor's degree in Communication and Media Studies with a minor in Law from the University of Zurich.

Kateryna Bulda is a Senior Manager with over 10 years of professional experience in corporate finance, governance, and regulatory framework.

She supports public and private companies in addressing their business challenges with a particular focus on performance analysis, calibration of incentive plans, including assessment of risk and payout profiles, shareholder communication, and general corporate governance issues.

Kateryna Bulda holds a Master of Financial Management from Kyiv National Economic University, including economic studies at University of Konstanz, and is a Certified Financial Manager from DVFA in Frankfurt am Main.

Johanna Czech has been with HCM since 2022. She is a Senior Consultant specializing in the design, implementation, and adaptation of customized incentive systems for a broad range of listed and non-listed companies of all sizes, and a focus on the healthcare sector.

Prior to joining HCM, Johanna gained working experience in human resource consulting for healthcare and client advisory in the luxury industry, honing her client-centric approach and ability to address diverse needs.

She holds a Master of Arts in Business Management from the University of St. Gallen and a Bachelor of Arts in Business and Economics from the University of Basel.

Johanna actively supports Stephan Hostettler in his teaching activities on corporate governance at the University of St. Gallen.

Giuseppina Dacic is an Accounts and Administration Manager, overseeing all accounting processes and personal administration, while also serving as an Executive Assistant to the Partners.

Before joining HCM in 2012, she worked as a financial accountant in a large retail company and as a fiduciary in various trust companies.

She holds a Certified Fiduciary Diploma (Federal Diploma of Higher Education) and a commercial professional baccalaureate (Berufsmatura).

Annina Deucher is an Executive Assistant, supporting the Partners and the management team.

Before joining HCM in 2023, she gained experience in a globally recognised communication agency in client management and worked as both an Executive Assistant and Personal Assistant on an international level.

She completed the Professional Module at the École Hôtelière de Lausanne (EHL) and graduated from the Zurich University of Applied Sciences (ZHAW) with a Bachelor's degree in Business Administration, with a minor in Human Capital Management.

Hanna Gadola is an Associate Consultant and advises both listed and private companies on matters of corporate governance and remuneration.

Prior to joining HCM in 2024, she gained practical working experience in project management at a Swiss intermediary and in the wealth planning department of a leading Swiss bank.

Hanna holds a Bachelor of Arts in Business Administration from the University of St.Gallen and is pursuing a Master of Arts in Accounting and Finance at the same University.

Andrea Gämperli joined HCM 2021 and is a Manager. She advises clients in developing and advancing their compensation systems with a focus on SMEs, Family Businesses and Start-Ups as well as the financial services industry.

Prior to joining HCM, she got initial experiences in the finance department of a Swiss real estate company. Furthermore, she is a former professional athlete who played floorball at the highest international level for more than 10 years.

Andrea holds a Master of Arts in Accounting and Finance from the University of St.Gallen and a Bachelor of Arts in Banking and Finance from the University of Zurich. Her Master's thesis explored the impact of implementing a new compensation system in a mid-sized company.

Liudmyla Gunchenko is a Senior Manager with over 17 years of professional experience at HCM in research, analytics, corporate finance, and compensation.

She supports clients from different industries in performance analysis, analysis and evaluation of board of directors and executive compensation frameworks, including assessment of risk/payout profiles, developing tailored solutions, embracing outside-in performance target setting for variable compensation plans.

Prior to joining the HCM in 2007 she gained her experience at one of the Ukrainian banks.

Liudmyla holds a Bachelor degree in Banking and Finance and a Master degree in Slavonic Studies from Taras Shevchenko National University of Kyiv University.

Natalia Iavorska is a Senior Manager. She joined HCM in 2014. Natalia supports her clients in developing solutions that are effective within the context of a company's organizational structure and situation.

Further, her incentive design work focuses mainly on public companies and relates to identifying the appropriate incentive structures, performance measures, and approaches for goal-setting.

Natalia holds a Bachelor degree in Sociology from National University of Kyiv-Mohyla Academy and a Master degree in Economics from the University of Houston and Kyiv School of Economics.

Johanna Kaffanke is a Consultant advising clients on corporate governance matters, including executive compensation, sustainability, and IPO support.

Prior joining HCM in 2024, she worked at a big-four company in Munich, gaining experience in change management, sustainability, compliance, and reporting.

She holds a Master of Arts in General Management from the University of St. Gallen and a Bachelor of Arts in Economics, Sociology, and Politics from Zeppelin University in Germany. In her Master's thesis, she conducted an in-depth analysis of the current practices surrounding the integration of sustainability factors into the executive compensation structures of DAX 40 companies.

Tetiana Kleshchenok joined HCM in 2020 and is a Manager. She supports private and public companies in matters around compensation and corporate governance.

Prior to joining HCM she gained her experience at an electricity operator in the investment and strategic planning department.

Tetiana graduated from Kyiv National Economic University with a Bachelor's degree in International Economics. In the course of her studies, she gained an international experience in the United Kingdom and received a Master`s degree in International Economics, Finance and Development from the University of Surrey.

Kristos Limouras is a Consultant and advises clients on corporate governance and compensation strategies, including market assessments and related matters.

Prior to joining HCM in 2024, he gained practical experience in a multinational consultancy focusing on the capital markets and the financial services industry.

He holds a Master of Arts in General Management from the University of St. Gallen, as well as a Bachelor of Arts in Business Administration from the same university. In addition, Kristos actively supports Stephan Hostettler in his teaching activities on Corporate Governance and Pay for Performance at the at the University of St. Gallen.

Anna Nikitina is an IT Product Developer, focusing on the digital transformation of HCM's internal processes and IT product development, with extensive experience in process automation and database management.

Before joining HCM in 2018, Anna gained practical experience in developing and implementing an upgraded billing system for a telephone service firm and a CRM system for a marketing company.

She holds a Master's degree in Engineering from the Kyiv Polytechnic Institute.

Davide Paliaga is a Senior Consultant and advises clients on corporate governance matters, including executive compensation and board performance. Davide also manages HCM's academic partnership with the Network for Innovative Corporate Governance (NICG).

Prior to joining HCM in 2023, he worked at a large Swiss bank and a big-four company in Zurich, gathering experiences in sustainable financing and investing, accounting and external audit.

He holds a Master of Arts in Accounting and Finance from the University of St.Gallen, and a Master of Science in Management and a Bachelor of Science in Business Administration and Management from Bocconi University in Italy. 

Davide is currently pursuing a PhD in Management at the University of St.Gallen researching how boards of directors evolve to face climate change and societal grand challenges.

Mike Peruzzi is a Senior Consultant and advises clients on executive and board compensation across state-affiliated, private, and publicly listed entities.

Prior to joining HCM in 2023, he gained practical experience in the commercial department of a multinational company.

Mike holds a Master of Arts in Accounting and Finance from the University of St.Gallen and a Bachelor of Arts in Business Administration from the University of Zurich. In his Master thesis, he analysed the impact of performance evaluation on an employee's psychological ownership within the organization.

Andre Rodrigues is a Consultant and advises firms in compensation related matters including the development of executive compensation frameworks and compensation report assessments.

Prior to joining HCM in 2024, he gained practical working experience in consulting and sales at a large Swiss retail company.

He holds a Master of Science in Banking & Finance from the University of Applied Sciences (ZHAW) in Winterthur and a Bachelor of Science in Business Administration. With his Master thesis, he explored the relationship between IPO performance and market timing within the DACH region.

Vladyslav Sivachenko is an IT Developer, specializing in creating CRM systems, developing websites, implementing software solutions, and optimizing business processes.

Before joining HCM in 2019, he was actively involved in projects focused on digital transformation and the improvement of companies' internal processes, including developing CRM systems and websites for various companies.

He holds a master's degree from Kyiv Polytechnic Institute.

Emira Trabelsi is a Marketing Manager, leading all marketing activities, including event management, digital marketing, and corporate communications.

Before joining HCM in 2023, Emira worked as a Marketing Manager across a range of industries, gaining experience in both medium-sized companies and multinational corporations.

She holds a Certificate of Advanced Studies in Event Management from the Zurich University of Applied Sciences (ZHAW), a Higher Diploma in Marketing from the Marketing & Business School Zurich (MBSZ), and a Federal Sales Specialist Certificate from the Academy for Marketing and Communication (SAWI).