PennantPark Floating Rate Capital appointed Richard Cheung CFO and treasurer.
Cheung most recently served as senior managing director and head of alternative investment accounting at Guggenheim Partners, where he served in various roles since 2008. Prior to joining Guggenheim in 2008, Cheung spent the majority of his career at Ernst & Young in its financial services industry practice, where he managed audits for a variety of funds.
“We are extremely pleased that Richard will be joining the company as our new chief financial officer and a member of our senior management team. We are confident that his extensive experience will be a tremendous asset to the company and its shareholders as we continue to build the company,” Arthur Penn, CEO of PennantPark Floating Rate Capital, said.
Aviv Efrat, PennantPark Floating Rate Capital’s current CFO and treasurer, will move within the PennantPark organization and remain in senior management, where he will focus on PennantPark’s strategic growth initiatives.
“We are thankful for all of Aviv’s contributions to date as a valued member of the company’s senior management team since its inception in 2010, including his contribution to building our finance and operations team,” Penn said. “We are grateful that Aviv will remain in senior management within the PennantPark organization, where he will continue to contribute to the firm’s strategic direction.”
PennantPark Floating Rate Capital is a business development company that primarily invests in U.S. middle-market companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt.
