BlackRock TCP Capital Corp. Announces Leadership Transitions
BlackRock TCP Capital Corp. (NASDAQ: TCPC) has announced significant leadership transitions effective November 6, 2024. Rajneesh Vig will resign as Chairman and CEO but remain on the Board until January 31, 2025. Phil Tseng, current President, will succeed Vig as Chairman, CEO, and Co-Chief Investment Officer. Jason Mehring, current COO, will become President. Patrick Wolfe will be appointed COO, and Dan Worrell will join Tseng as Co-Chief Investment Officer.
These changes aim to position TCPC for its next growth phase in the private credit market. The Board of Directors expressed confidence in the new leadership team's ability to leverage BlackRock's platform and continue delivering strong shareholder returns. The transition is expected to be seamless, with the company maintaining its focus on supporting middle market companies' capital needs.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) ha annunciato significative transizioni di leadership che entreranno in vigore il 6 novembre 2024. Rajneesh Vig si dimetterà da Presidente e CEO, ma rimarrà nel Consiglio fino al 31 gennaio 2025. Phil Tseng, attuale Presidente, succederà a Vig come Presidente, CEO e Co-Chief Investment Officer. Jason Mehring, attuale COO, diventerà Presidente. Patrick Wolfe sarà nominato COO e Dan Worrell si unirà a Tseng come Co-Chief Investment Officer.
Questi cambiamenti mirano a posizionare TCPC per la sua prossima fase di crescita nel mercato del credito privato. Il Consiglio di Amministrazione ha espresso fiducia nella capacità del nuovo team di leadership di sfruttare la piattaforma di BlackRock e continuare a garantire forti rendimenti per gli azionisti. La transizione dovrebbe avvenire senza intoppi, con l'azienda che mantiene il suo focus nel supportare le esigenze di capitale delle aziende di medie dimensioni.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) ha anunciado importantes transiciones de liderazgo que entrarán en efecto el 6 de noviembre de 2024. Rajneesh Vig renunciará como Presidente y CEO, pero permanecerá en la Junta hasta el 31 de enero de 2025. Phil Tseng, actual Presidente, sucederá a Vig como Presidente, CEO y Co-Chief Investment Officer. Jason Mehring, actual COO, se convertirá en Presidente. Patrick Wolfe será nombrado COO, y Dan Worrell se unirá a Tseng como Co-Chief Investment Officer.
Estos cambios tienen como objetivo posicionar a TCPC para su próxima fase de crecimiento en el mercado de crédito privado. La Junta de Directores expresó confianza en la capacidad del nuevo equipo de liderazgo para aprovechar la plataforma de BlackRock y continuar ofreciendo fuertes retornos a los accionistas. Se espera que la transición sea fluida, manteniendo la empresa su enfoque en apoyar las necesidades de capital de las empresas de mercado medio.
블랙록 TCP 캐피탈 코퍼레이션(NASDAQ: TCPC)는 2024년 11월 6일부로 중요한 리더십 변화를 발표했습니다. Rajneesh Vig는 회장 겸 CEO직에서 사임하겠지만, 2025년 1월 31일까지 이사회에 남아있을 것입니다. 현재 사장인 Phil Tseng가 Vig를 이어 회장, CEO 및 공동 최고 투자 책임자로 취임합니다. 현재 COO인 Jason Mehring는 사장이 됩니다. Patrick Wolfe는 COO로 임명되며, Dan Worrell은 Tseng과 함께 공동 최고 투자 책임자로 합류합니다.
이러한 변화는 TCPC가 사모 신용 시장에서 다음 성장 단계에 대비할 수 있도록 하기 위함입니다. 이사회는 새로운 리더십 팀이 블랙록의 플랫폼을 활용하여 계속해서 강력한 주주 수익을 제공할 수 있을 것이라 믿고 있습니다. 이 전환은 원활하게 진행될 것으로 기대되며, 회사는 중간 시장 기업의 자본 요구를 지원하는 데 중점을 두고 있습니다.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) a annoncé d'importantes transitions de leadership qui entreront en vigueur le 6 novembre 2024. Rajneesh Vig démissionnera en tant que Président et CEO, mais restera au Conseil jusqu'au 31 janvier 2025. Phil Tseng, l'actuel Président, succédera à Vig en tant que Président, CEO et Co-Chief Investment Officer. Jason Mehring, l'actuel COO, deviendra Président. Patrick Wolfe sera nommé COO, et Dan Worrell rejoindra Tseng en tant que Co-Chief Investment Officer.
Ces changements visent à positionner TCPC pour sa prochaine phase de croissance sur le marché du crédit privé. Le Conseil d'Administration a exprimé sa confiance dans la capacité de la nouvelle équipe de direction à tirer parti de la plateforme de BlackRock et à continuer de fournir d'importants rendements aux actionnaires. La transition devrait être fluide, l'entreprise conservant son accent sur le soutien aux besoins en capital des entreprises de taille intermédiaire.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) hat bedeutende Führungswechsel bekannt gegeben, die am 6. November 2024 in Kraft treten. Rajneesh Vig wird als Vorsitzender und CEO zurücktreten, bleibt jedoch bis zum 31. Januar 2025 im Vorstand. Phil Tseng, derzeitiger Präsident, wird Vig als Vorsitzender, CEO und Co-Chief Investment Officer nachfolgen. Jason Mehring, aktueller COO, wird Präsident. Patrick Wolfe wird zum COO ernannt und Dan Worrell wird sich Tseng als Co-Chief Investment Officer anschließen.
Diese Veränderungen zielen darauf ab, TCPC für die nächste Wachstumsphase im Privatkreditmarkt zu positionieren. Der Vorstand äußerte Vertrauen in die Fähigkeit des neuen Führungsteams, die Plattform von BlackRock zu nutzen und weiterhin starke Renditen für die Aktionäre zu erzielen. Der Übergang wird als nahtlos erwartet, wobei das Unternehmen weiterhin den Fokus auf die Unterstützung der Kapitalbedürfnisse von mittelständischen Unternehmen legt.
- Smooth leadership transition planned with current executives taking on new roles
- Continuity maintained with Phil Tseng, a long-time executive, becoming CEO
- Board of Directors expresses confidence in the new leadership team
- Company positioned to leverage BlackRock's platform for future growth
- Departure of experienced CEO Rajneesh Vig may cause short-term uncertainty
- Potential disruption in company strategy or operations during leadership change
- Chairman of the Board and Chief Executive Officer Rajneesh Vig will resign his position as Chairman of the Board and CEO and will continue to serve on the Company’s Board of Directors until January 31, 2025 to ensure a smooth transition. Raj Vig made the decision to step back from those roles and to pursue other opportunities outside of BlackRock, Inc.
- President Phil Tseng will succeed Raj Vig as Chairman of the Board of Directors and Chief Executive Officer. He has also been named Co-Chief Investment Officer.
- Chief Operating Officer Jason Mehring will assume the role of President.
- Patrick Wolfe, a senior investment professional with BlackRock’s US Private Capital platform, has been appointed Chief Operating Officer.
- Dan Worrell, a senior investment professional with BlackRock’s US Private Capital platform, has been named Co-Chief Investment Officer with Phil Tseng.
Rajneesh Vig, BlackRock TCP Capital Corp. Chairman and CEO, said, “It has been an honor to lead BlackRock TCPC Capital Corp. over the past several years and to play a key role in the development and growth of the firm since 2006. Having partnered closely with Phil Tseng over a long and productive time, I know our team is in great hands and positioned for the next phase of growth and success.”
Phil Tseng, BlackRock TCP Capital Corp. President, said, “It has been a privilege to work alongside Raj, and I appreciate our Board’s vote of confidence in appointing me Chairman and Chief Executive Officer. I am excited to lead TCPC going forward with the support of my long-time colleagues Jason Mehring, Patrick Wolfe and Dan Worrell. Private credit continues to play a significant role in the growth of our economy, and we are uniquely positioned to help middle market companies access the capital they need to grow their businesses. I look forward to a seamless transition as our talented and dedicated team continues to leverage the strength of the BlackRock platform to create value for our borrowers and our shareholders.”
Eric Draut, Lead Independent Director of BlackRock TCP Capital Corp., said, “On behalf of our entire Board of Directors, I want to thank Raj Vig for his leadership and his many contributions to the company, including guiding the successful merger of BCIC and TCPC. Over the past decade, Raj helped to strategically develop TCPC into a top-performing BDC with a track record of consistently delivering strong shareholder returns. Having worked closely with Phil Tseng in his role as TCPC’s President, the Board has tremendous confidence in Phil to successfully lead the company and team forward.”
ABOUT BLACKROCK TCP CAPITAL CORP.:
BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. TCPC’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCPC is a publicly traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, a wholly owned, indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com.
FORWARD-LOOKING STATEMENTS
Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. This information and other information about the Company are available in the Company’s filings with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC’s website at www.sec.gov and the Company’s website at www.tcpcapital.com. Prospective investors should read these materials carefully before investing.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the Company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the “Risk Factors” section of the Company’s Form 10-K for the year ended December 31, 2023, and the Company’s subsequent periodic filings with the SEC. Copies are available on the SEC’s website at www.sec.gov and the Company’s website at www.tcpcapital.com. Forward-looking statements are made as of the date of this press release and are subject to change without notice. The company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240916384109/en/
BlackRock TCP Capital Corp.
Michaela Murray
310-566-1094
investor.relations@tcpcapital.com
Source: BlackRock TCP Capital Corp.
FAQ
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