Michael J. Arougheti Promoted to CEO and R. Kipp deVeer III Promoted
to President;
Also Messrs. Beckman, Goldstein and Smith Named as Executive Vice
Presidents
NEW YORK--(BUSINESS WIRE)--
Ares Capital Corporation (Nasdaq: ARCC) announced today that its Board
of Directors has promoted its President, Michael J. Arougheti, to Chief
Executive Officer, and four longstanding executives of its investment
adviser, Ares Capital Management LLC, to officer roles within Ares
Capital Corporation.
Michael J. Arougheti has been promoted to Chief Executive Officer. Mr.
Arougheti served as the President of Ares Capital Corporation since its
IPO in 2004 until his promotion to Chief Executive Officer and has
served as a director since 2009. Mr. Arougheti will also continue to
serve as a Senior Partner in the Private Debt Group of Ares Management
LLC, a global alternative asset manager and an SEC-registered investment
adviser, a member of Ares Management’s Executive Committee and a member
of Ares Capital Management’s Investment Committee.
R. Kipp deVeer III has been promoted to President. Mr. deVeer will also
continue to serve as a Senior Partner in the Private Debt Group of Ares
Management and as a member of Ares Capital Management’s Investment
Committee. Mr. deVeer has been with Ares Management since 2004.
Eric B. Beckman has been promoted to Executive Vice President. Mr.
Beckman will also continue to serve as a Senior Partner in the Private
Debt Group of Ares Management and as a member of Ares Capital
Management’s Investment Committee. Mr. Beckman has been with Ares
Management since 1998.
Mitchell S. Goldstein has been promoted to Executive Vice President. Mr.
Goldstein will also continue to serve as a Senior Partner in the Private
Debt Group of Ares Management and as a member of Ares Capital
Management’s Investment Committee. Mr. Goldstein has been with Ares
Management since 2005.
Michael L. Smith has been promoted to Executive Vice President. Mr.
Smith will also continue to serve as a Senior Partner in the Private
Debt Group of Ares Management and as a member of Ares Capital
Management’s Investment Committee. Mr. Smith has been with Ares
Management since 2004.
“These promotions recognize the leadership that these individuals have
demonstrated since ARCC’s formation and solidify their roles in leading
the company going forward,” said Bennett Rosenthal, Chairman of Ares
Capital Corporation. “On behalf of the Board, we congratulate Mike,
Kipp, Eric, Mitch and Mike on their accomplishments in growing our
company and look forward to their continued contributions in the future.”
“I am honored by the Board’s continued support and confidence in the
management team,” said Michael Arougheti, Chief Executive Officer. “I
also want to congratulate Kipp, Eric, Mitch and Mike on their
accomplishments and look forward to continuing our working relationship.”
ABOUT ARES CAPITAL CORPORATION
Ares Capital is a leading specialty finance company that provides
one-stop financing solutions to U.S. middle market companies and private
equity sponsors. Ares Capital originates and invests in senior secured
loans, mezzanine debt and, to a lesser extent, equity investments
through its national direct origination platform. Ares Capital’s
investment objective is to generate both current income and capital
appreciation through debt and equity investments primarily in private
companies. Ares Capital has elected to be regulated as a business
development company and is externally managed by a wholly owned
subsidiary of Ares Management LLC. Ares Management is a global
alternative asset manager and an SEC-registered investment adviser with
approximately $59 billion of committed capital under management as of
March 31, 2013.
FORWARD-LOOKING STATEMENTS
Statements included herein may constitute “forward-looking statements,”
which relate to future events or our future performance or financial
condition. These statements are not guarantees of future performance,
condition or results and involve a number of risks and uncertainties.
Actual results and conditions may differ materially from those in the
forward-looking statements as a result of a number of factors, including
those described from time to time in Ares Capital’s filings with the
U.S. Securities and Exchange Commission. Ares Capital undertakes no duty
to update any forward-looking statements made herein.
Ares Capital Corporation
Carl G. Drake, 888-818-5298
Source: Ares Capital Corporation