Ares Capital Corp. (ARCC) said Monday that its Board of Directors has promoted its President, Michael Arougheti, to Chief Executive Officer, and four longstanding executives of its investment adviser, Ares Capital Management LLC, to officer roles within the company.
Arougheti served as the President of Ares Capital Corp. since its IPO in 2004 until his promotion to Chief Executive Officer and has served as a director since 2009. He will also continue to serve as a Senior Partner in the Private Debt Group of Ares Management LLC, 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. He 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. deVeer has been with Ares Management since 2004.
Eric Beckman has been promoted to Executive Vice President. He 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. Beckman has been with Ares Management since 1998.
Mitchell Goldstein has been promoted to Executive Vice President. He 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. Goldstein has been with Ares Management since 2005.
Michael Smith has been promoted to Executive Vice President. He 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. Smith has been with Ares Management since 2004.
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