Ares Capital promoted Scott Lem, the company’s chief accounting officer, vice president and treasurer, to CFO, effective Feb. 15, 2024. Lem will succeed Penni Roll, who plans to step down as Ares Capital’s CFO on the same date. Roll, who also serves as the CFO of Ares Management’s credit group, will remain an officer of Ares Capital and Ares Management in a senior leadership capacity.

Since joining Ares in 2003, Lem has served in multiple senior finance and accounting roles, both at Ares Capital and in the Ares Credit Group. Prior to joining Ares, Lem worked at Ernst & Young and Arthur Andersen.

“I want to thank Penni for her tremendous leadership and the many contributions she has made as our chief financial officer over the past 13 years,” Kipp deVeer, CEO of Ares Capital, said. “During Penni’s tenure, Ares Capital has created significant shareholder value and has expanded upon its market leadership position in the business development company sector. At the same time, I want to welcome Scott to his new role. Scott is a seasoned executive who has been important in helping drive growth and success at the company over the past two decades. We couldn’t be more pleased for him to step into this position.”

“Scott and I have had a long partnership for more than a decade and I am very excited for him to be appointed as our new CFO,” Roll said. “Scott is a long-tenured and accomplished executive with Ares and has an experienced team that will continue to work alongside him. Looking ahead, I am delighted to continue my career at Ares in a senior leadership capacity.”

“I am truly honored to become the next CFO of Ares Capital,” Lem said. “I am fortunate to have been part of the company since the beginning, and I am excited to step into this role and continue building upon its success.”