Rand Capital Corporation Announces Leadership Transition and Changes to the Board of Directors
October 25 2021 - 4:17PM
Business Wire
- Allen F. “Pete” Grum to retire as President and CEO and become
Vice Chair of Board of Directors
- Daniel P. Penberthy appointed President and CEO effective
December 1, 2021
- Margaret Brechtel promoted to Executive Vice President and
CFO
- Robert M. Zak appointed Chair of the Board
Rand Capital Corporation (Nasdaq: RAND) (“Rand” or the
“Company”), a business development company, announced today that
Allen F. “Pete” Grum, President and Chief Executive Officer of
Rand, intends to retire effective December 1, 2021. Mr. Grum will
remain as a member of the Board of Directors of the Company and has
been appointed Vice Chair of the Board of Directors of the Company
effective December 1, 2021. As a result of Mr. Grum’s pending
retirement, the Board of Directors has appointed Daniel Penberthy,
Executive Vice President, Treasurer, Chief Financial Officer and
Secretary of the Company, to serve as President and Chief Executive
Officer of the Company effective December 1, 2021. In addition,
Margaret Brechtel, Vice President of Finance, will succeed Mr.
Penberthy as Executive Vice President, Treasurer, Chief Financial
Officer and Secretary of the Company, also effective December 1,
2021.
The Board also announced that Erland “Erkie” E. Kailbourne will
step down as Chair of the Board of Directors, effective December 1,
2021, while remaining as a director. Robert M. Zak, who has served
as a director since 2005 and is currently Vice Chair, will assume
the role of Board Chair, effective December 1, 2021.
Mr. Kailbourne commented, “These are exciting times for Rand and
indicative of the transformation we have been affecting over the
last three years. I want to thank Pete for his 25 years of
leadership having built Rand from a small, venture capital business
with less than $10 million in net assets, to a growing,
dividend-paying business development company with approximately $58
million in net assets. We also appreciate his willingness to
continue to serve on the Board. We believe that the leadership and
experience that Dan and Margaret bring will continue to advance
Rand as it evolves its portfolio and focuses on expanding net
investment income. We believe our strategy should drive total
return to our shareholders.”
Mr. Zak said, “I am honored to succeed Erkie as Board Chair and
pleased that he will continue to serve on the Board. Over the last
three years as Chair, he has guided us through major transactions
with an astute business acumen. We have seen significant change
these last few years and I look forward to being a part of the
Company’s continued growth.”
ABOUT RAND CAPITAL
Rand Capital (Nasdaq: RAND) is an externally-managed business
development company (BDC). The Company’s investment objective is to
maximize total return to its shareholders with current income and
capital appreciation by focusing its debt and related equity
investments in privately-held, lower middle market companies with
committed and experienced managements in a broad variety of
industries. Rand invests in early to later stage businesses that
have sustainable, differentiated and market-proven products,
revenue of more than $2 million and a path to free cash flow or up
to $5 million in EBITDA. The Company’s investment activities are
managed by its external investment adviser, Rand Capital
Management, LLC. Additional information can be found at the
Company’s website where it regularly posts information:
https://www.randcapital.com/.
Safe Harbor Statement
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than historical facts, including but
not limited to statements regarding the strategy of the Company and
its outlook, the effectiveness of changes in leadership and the
Board; and any assumptions underlying any of the foregoing, are
forward-looking statements. Forward-looking statements concern
future circumstances and results and other statements that are not
historical facts and are sometimes identified by the words “may,”
“will,” “should,” “potential,” “intend,” “expect,” “endeavor,”
“seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,”
“believe,” “could,” “project,” “predict,” “continue,” “target” or
other similar words or expressions. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove to be incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements. The inclusion of such statements should
not be regarded as a representation that such plans, estimates or
expectations will be achieved. Important factors that could cause
actual results to differ materially from such plans, estimates or
expectations include, among others, (1) evolving legal, regulatory
and tax regimes; (2) changes in general economic and/or industry
specific conditions; and (3) other risk factors as detailed from
time to time in Rand ’s reports filed with the Securities and
Exchange Commission (“SEC”), including Rand’s annual report on Form
10-K for the year ended December 31, 2020, quarterly reports on
Form 10-Q, and other documents filed with the SEC. Consequently,
such forward-looking statements should be regarded as Rand’s
current plans, estimates and beliefs. Except as required by
applicable law, Rand assumes no obligation to update the
forward-looking information contained in this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211025005670/en/
Company: Allen F. ("Pete") Grum President and CEO Phone:
716.853.0802 Email: pgrum@randcapital.com
Investors: Deborah K. Pawlowski Kei Advisors LLC Phone:
716.843.3908 Email: dpawlowski@keiadvisors.com
Rand Capital (NASDAQ:RAND)
Historical Stock Chart
From Aug 2024 to Sep 2024
Rand Capital (NASDAQ:RAND)
Historical Stock Chart
From Sep 2023 to Sep 2024