Daily News: August 6, 2014

Ares Capital Announces Management Promotions


Michael J. Arougheti will assume the role of co-chairman of the board, joining Chairman Bennett Rosenthal. Arougheti has served as a director since 2009 and has also served as CEO of Ares Capital since May 2013 and prior to that as President since its IPO in 2004. Arougheti serves as president of Ares Management, a global alternative asset manager, and will continue to serve as a senior partner and co-head of the direct lending group, as a member of Ares Management’s board of directors and Management Committee as well as a member of the Investment Committee of Ares Capital Management, Ares Capital Corporation’s investment adviser. Arougheti is a co-founder of Ares Management and has been a senior executive since 2004.

Kipp deVeer was promoted to CEO. deVeer was named president of Ares Capital in May 2013. deVeer will continue to serve as a senior partner and co-head of the direct lending group of Ares Management as well as a member of both Ares Management’s Management Committee and Ares Capital Management’s Investment Committee. deVeer has been a senior executive with Ares Management since 2004.

Mitchell S. Goldstein was promoted to co-president after serving as EVP since May 2013. Goldstein will also continue to serve as a senior partner in the direct lending group of Ares Management and as a member of Ares Capital Management’s Investment Committee. Goldstein has been a senior executive with Ares Management since 2005.

Michael L. Smith was promoted to co-president after serving as EVP since May 2013. He will also continue to serve as a senior partner in the direct lending group of Ares Management and as a member of Ares Capital Management’s Investment Committee. Smith has been a senior executive with Ares Management since 2004.

“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 Rosenthal, co-chairman of Ares Capital 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 ARCC.”

“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 Arougheti, co-chairman. “I look forward to continuing to create value for ARCC’s shareholders in my new role.”

“Our board has strongly supported the team and I am enthusiastic and confident in taking on these new responsibilities. Our team has a long history together and a strong vision of the future at ARCC,” said deVeer, CEO. “I also want to congratulate Mike, Mitch and Mike on their new roles and look forward to continuing our successful working relationship.”