Vincent D. Foster, co-founder of Main Street Capital and chairman and CEO since its 2007 initial public offering, is stepping down and turning over his responsibilities to Dwayne L. Hyzak.
The transition is presently scheduled for Q4/18. Foster will continue to serve as Main Street’s executive chairman and work closely with Hyzak as CEO. This transition is the cornerstone of the board of directors’ long-term succession plan for the company.
Hyzak also joined the Main Street board of directors, effective immediately, bringing the size of the board to 10 members.
“Dwayne is uniquely qualified to assume the role as CEO of Main Street,” Foster said. “He has been affiliated with us since 2000 when he joined a Main Street portfolio company in an acquisition and integration role, and went on to join Main Street’s investment team in 2002. Dwayne served as our CFO from 2011 through 2014 while also leading one of our largest lower middle market investment teams. He has a tremendous work ethic and demonstrates a real passion in leading the technical training and professional development of our investment professionals.”
Main Street is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies.