Crystal Finance CEO Ward K Mooney will retire at the end of December 2017. Upon his departure, Chief Credit Officer Michael L. Pizette and Senior Managing Director Steven Migliero will serve as co-CEOs responsible for the management and operation of the firm.

Mooney will continue to serve on Crystal’s board of managers and as a managing member of Crystal SBIC GP.

Mooney has been involved in the financial services industry for 45 years. In 1992, he joined Gordon Brothers and founded GBFC, a specialty commercial finance company focused on asset-based financing to retailers. GBFC became the leading secured financing source for the retail industry and in 1996, GBFC was purchased by Bank of Boston. In 1998, while at Bank of Boston, Mooney co-founded Back Bay Capital, a direct lending fund dedicated to underwriting second lien debt. In 2006, he co-founded Crystal Financial along with Pizette.

Michael Gross, chairman and CEO of Solar Capital, said, “We thank Ward for his dedication and commitment to Crystal Financial and are confident in the seamless transition that will occur given Mike and Steve’s long standing tenure and industry expertise.”

Crystal was established in 2006, and since inception has sourced, underwritten and managed more than $20 billion of secured debt financings for middle market businesses. Crystal was acquired by Solar Capital, a publically traded business development company, in December 2012.