Ares Capital Corporation has named Michael Arougheti as Co-Chairman of the Board and promoted three of Ares’ longstanding senior executive officers – Kipp deVeer, Mitchell Goldstein and Michael Smith.
“On behalf of the Board, we congratulate Mike, Kipp, Mitch and Mike on their accomplishments in leading and growing our business as we approach our 10-year anniversary as a public company,” said Bennett Rosenthal, Co-Chairman of Ares Capital Corporation and Senior Partner and Co-Founder of Ares Management. “These new positions demonstrate the confidence we as a Board have in the management team of Ares.”
Michael Arougheti will assume the role of Co-Chairman of the Board of Ares Capital Corporation, joining current Chairman Bennett Rosenthal. Mr. Arougheti has served as a director since 2009 and has also served as Chief Executive Officer of Ares Capital Corporation since May 2013 and prior to that as President since its IPO in 2004. Mr. Arougheti currently serves as President of Ares Management and will continue to serve as a Senior Partner and Co-Head of the Direct Lending Group. Mr. Arougheti is a Co-Founder of Ares Management and has been a senior executive since 2004.
Kipp deVeer has been promoted to Chief Executive Officer of Ares Capital Corporation. Mr. deVeer was named President of Ares Capital Corporation in May 2013. He will continue to serve as a Senior Partner and Co-Head of the Direct Lending Group of Ares Management. Mr. deVeer has been a senior executive with Ares Management since 2004.
Mitchell Goldstein has been promoted to Co-President of Ares Capital Corporation after serving as Executive Vice President since May 2013. Mr. Goldstein will also continue to serve as a Senior Partner in the Direct Lending Group of Ares Management. He has been a senior executive with Ares Management since 2005.
Michael Smith has been promoted to Co-President of Ares Capital Corporation after serving as Executive Vice President since May 2013. Mr. Smith will also continue to serve as a Senior Partner in the Direct Lending Group of Ares Management. He has been a senior executive with Ares Management since 2004.
“These promotions reflect the depth and quality of our management team and the great confidence we have in Kipp’s leadership and vision for ARCC,” said Mr. Arougheti, Co-Chairman of Ares Capital Corporation. “I look forward to continuing to create value for ARCC’s shareholders in my new role.”
Ares Management (NYSE:ARES) has $77 billion in capital under management and invests in private equity, leveraged loans, high-yield bonds, distressed debt and private debt. The firm has approximately 700 employees and is headquartered in Los Angeles with offices in New York, London, Chicago, and Atlanta (www.aresmgmt.com).
2014 PEPD • Private Equity’s Leading News Magazine • 8-6-14
