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BlackRock TCP Capital Corp. Appoints Eric Draut as Lead Independent Director
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
BlackRock TCP Capital Corp. (NASDAQ: TCPC) appointed Eric Draut as Lead Independent Director of its Board effective October 28, 2021. Draut has served on the Board since 2011 and was previously Chair of the Audit Committee. The establishment of this role reflects the company’s commitment to strong corporate governance. Additionally, Peter Schwab and M. Freddie Reiss were appointed as Chair of the Governance and Compensation Committee and Chair of the Audit Committee, respectively. The changes aim to enhance leadership and oversight for TCPC's shareholders.
Positive
Appointment of Eric Draut as Lead Independent Director, enhancing governance.
Draut brings over 10 years of experience on the Board.
Continued focus on strong corporate governance.
Negative
None.
SANTA MONICA, Calif.--(BUSINESS WIRE)--
BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced today that current Director, Eric Draut was appointed to serve as Lead Independent Director of its Board of Directors effective October 28, 2021.
On October 28, 2021, the Board of Directors of BlackRock TCP Capital Corp. (“TCPC”) established the role of Lead Independent Director, and elected Eric Draut to serve in this role. Mr. Draut has served on the Company’s Board of Directors since 2011 and had recently served as Chair of the Audit Committee. In conjunction with the establishment of a Lead Independent Director and Mr. Draut’s appointment, the Board also appointed existing Board Members Peter Schwab and M. Freddie Reiss as Chair of the Governance and Compensation Committee and Chair of the Audit Committee, respectively.
“On behalf of the Board and the Company, I would like to congratulate Eric Draut on his appointment as Lead Independent Director of TCPC,” said Raj Vig, Chairman and CEO of BlackRock TCP Capital Corp. “The Board’s decision to appoint a Lead Independent Director is further evidence of our commitment to strong corporate governance. Eric’s outstanding commitment to serving TCPC shareholders throughout his more than 10 years of service on the Board have been invaluable, and we look forward to his continued contributions in this new role.”
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, 2020, 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.
What is the significance of Eric Draut's appointment as Lead Independent Director for TCPC?
Eric Draut's appointment is significant as it highlights TCPC's dedication to strong corporate governance and provides experienced leadership on the Board.
When was Eric Draut appointed Lead Independent Director of TCPC?
Eric Draut was appointed Lead Independent Director effective October 28, 2021.
What changes were made to TCPC's Board of Directors in October 2021?
In October 2021, Eric Draut was appointed as Lead Independent Director, and Peter Schwab and M. Freddie Reiss were appointed as Chairs of the Governance and Compensation and Audit Committees, respectively.
How long has Eric Draut been on TCPC's Board?
Eric Draut has been a member of TCPC's Board of Directors since 2011, accumulating over 10 years of experience.
