BlackRock Capital Investment Corporation CEO Michael Zugay has resigned for personal reasons effective April 30, and will be replaced temporarily by James Keenan, the company’s chairman, the company announced.
Keenan, who is also CIO and global co-head for BlackRock Global Credit, will maintain the role of CEO on an interim basis while the company completes the succession process and names a permanent CEO.
Zugay is also stepping down from his role as chairman of BlackRock’s US Private Capital unit (USPC), which has been handed to Jason Mehring, who is currently vice chairman of the committee. USPC is responsible for the investment portfolio of BlackRock Capital Investment for BlackRock Capital Investment Advisors, the investment advisor for BlackRock Capital Investment. Marshall Merriman, a current member of the USPC Investment Committee, has been named as the new vice chairman to replace Mehring.
“Mike helped to integrate and enhance the US Private Capital team’s business, and we are grateful for his contributions,” Keenan said in a release.
Zugay will also no longer stand for election as a director of BCIC’s board of directors, which has caused the company to reschedule its annual meeting of stockholders in New York City to May 11, from May 4.
Prior to joining BlackRock in 2015, Zugay was a managing director for Ares Management’s for 11 years. Prior to Ares, he worked at Zolfo Cooper, a debt restructuring firm, and started his career at Donaldson, Lufkin and Jenrette as an analyst in its corporate finance investment banking program.
BlackRock Capital Investment said the changes come as USPC and BlackRock’s credit platform prepare for a new phase of development, which includes product launches and an expansion of its team.