PennantPark Investment Corporation Appoints Richard Cheung as New Chief Financial Officer
PennantPark Investment Corporation (NASDAQ: PNNT) announced the appointment of Richard Cheung as its new Chief Financial Officer and Treasurer, effective June 21, 2021. Cheung previously held a senior position at Guggenheim Partners and has significant experience in financial services from Ernst & Young. CEO Arthur Penn expressed confidence in Cheung's ability to contribute positively to the company. Current CFO Aviv Efrat will transition to focus on strategic growth initiatives within the organization.
- Richard Cheung brings extensive financial experience, potentially strengthening the leadership team.
- Aviv Efrat will continue contributing to strategic growth initiatives, ensuring continuity in leadership.
- Transitioning CFOs can create temporary disruption and continuity concerns.
NEW YORK, June 21, 2021 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (NASDAQ: PNNT) (“we,” “our,” “PNNT” or the “Company”) announced today that it has appointed Richard Cheung as its Chief Financial Officer and Treasurer, effective June 21, 2021.
Mr. Cheung most recently served as Senior Managing Director and Head of Alternative Investment Accounting at Guggenheim Partners, LLC (“Guggenheim”), where he has served in various roles since 2008. Prior to joining Guggenheim in 2008, Mr. Cheung spent the majority of his career at Ernst & Young LLP in its financial services industry practice where he managed audits for a variety of funds. Mr. Cheung holds a B.S. in Accounting and Finance from the New York University Leonard N. Stern School of Business.
“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,” stated Arthur Penn, Chief Executive Officer of PNNT.
Aviv Efrat, PNNT’s current Chief Financial Officer 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 2007, including his contribution to building our finance and operations team,” said Mr. Penn. “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.”
ABOUT PENNANTPARK INVESTMENT CORPORATION
PennantPark Investment Corporation is a business development company which invests primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission as well as changes in the economy and risks associated with possible disruption in the Company’s operations or the economy generally due to terrorism, natural disasters or pandemics such as COVID-19. The Company undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.
We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.
| CONTACT: | Arthur Penn PennantPark Investment Corporation (212) 905-1000 www.pennantpark.com |
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