Capital Southwest Corp. (CSWC) announced that its president, chief executive officer and chairman Gary Martin will retire as president and chief executive officer of the company, effective June 17, 2013.
On May 13, 2013, Joseph Armes was named by the board of directors to succeed Martin as president and chief executive officer, reporting to the board, effective June 17, 2013. The board also appointed Armes a director of the corporation commencing June 17, 2013.
Armes, 51, has served as president and chief executive officer of JBA Investment Partners, a family investment vehicle, since 2010. From 2005 to 2010, Armes served as chief operating officer of Hicks Holdings LLC. Prior to 2005, Armes served as executive vice president and CFO of Hicks Sports Group LLC and executive vice president and general counsel of Hicks Sports Group LLC. Previously, Armes served as executive vice president and general counsel of Suiza Foods Corporation (now Dean Foods Company) and vice president and general counsel of The Morningstar Group Inc.
After the management transition in June, Martin will serve as executive chairman of the board through December 31, 2013. Martin will continue to serve as non-executive chairman of the board through the remainder of his term. It is anticipated that Martin will continue to serve as a director, thereafter.
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