Ares Capital Corp. (ARCC), a specialty finance company, Wednesday said Kipp deVeer will step down as its chief executive officer with effect from April 30. Consequently it promoted Co-President Kort Schnabel as the new CEO effective the same date.
Jim Miller, appointed Co-President of Ares Capital in October 2024, will now serve as the sole President.
Schnabel joined Ares Management Corporation in 2001 and is now a Partner and Co-Head of the U.S. Direct Lending strategy. Schnabel also serves on the Investment Committee of Ares Capital's investment adviser.
In the pre-market trading, Ares Capital shares were 2.86% down to $2.86 on the Nasdaq.
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