Daily News: July 24, 2014

Fifth Street Finance Promotes Petrocelli to CFO

Fifth Street Finance announced that its board of directors promoted a member of FSC’s management team, Richard A. Petrocelli, to chief financial officer, replacing Alexander C. Frank who is stepping down as CFO but remains chief operating officer of Fifth Street Management, FSC’s investment adviser.

In his role as COO of Fifth Street Management LLC, Frank oversees the platform’s finance and operations infrastructure including FSC, Fifth Street Senior Floating Rate Corp. and various Fifth Street private funds. Petrocelli will continue to report to Frank. Petrocelli has also been promoted to CFO of FSFR.

Prior to his promotion, Petrocelli served as chief accounting officer of FSC. Previously, Petrocelli spent 15 years at Saratoga Partners, a middle market private equity firm, where he was managing director and CFO.

As we broaden our platform, we are proud to elevate certain individuals in recognition of their expanded responsibilities, stated FSC’s Chief Executive Officer, Leonard M. Tannenbaum, adding, Rich has been a key member of the finance and accounting team and is well-suited to take over the CFO position from Alex, who continues to be a senior leader of the platform as COO of Fifth Street Management LLC.