Rand Capital Corporation Announces Management Changes, Effective December 1, 2021
October 26, 2021 at 01:47 am IST
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Rand Capital Corporation announced that Allen F. ?Pete? Grum, President 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 and Secretary of the Company, to serve as President 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.
Rand Capital Corporation is an externally managed business development company (BDC). The Companyâs 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 variety of industries. The Company invests in businesses that have sustainable, differentiated and market proven products. The Company invest at least 70 % of total assets in qualifying assets and provide managerial assistance to the portfolio companies in which it invests. The Company's portfolio includes professional and business services, manufacturing, consumer product, software, distribution, automotive, and oil and gas. The Company's investment adviser is Rand Capital Management, LLC (RCM).