MCG Capital Corporation (Nasdaq: MCGC) ("MCG" or the "Company") today announced that Richard W. Neu, 55, Chairman of the MCG Board, has been elected as Chief Executive Officer. Mr. Neu succeeds Steven F. Tunney, Sr. who left the Company in order to pursue other interests. The Company also announced the promotion of B. Hagen Saville, currently the Company's Executive Vice President of Business Development, to the position of President and Chief Operating Officer.
Mr. Neu said, "On behalf of the Board, I would like to thank Steve for his leadership, hard work, and devotion to the Company. Beginning at the time that MCG was founded, and continuing through periods of severe economic crisis, Steve has tirelessly sought to create value for our shareholders and to promote the best interests of the Company. I personally look forward to the opportunity to seek to do the same. We wish him success and the best of luck in his future endeavors. We are excited to also recognize Hagen's contributions to the Company in his capacity as our primary investment officer, a role he will continue to fill in addition to his new responsibilities as President and Chief Operating Officer. His deep knowledge of our market, level of engagement and strong relationships with the management teams of our portfolio companies, and connections with our investor base should benefit both the Company and our stockholders." In closing, Mr. Neu stated that "Hagen and I are truly excited to have the opportunity presented to us by our stockholders and the MCG Board of Directors to further our strategy to maximize shareholder value. We expect that this value will be created through the payment of a competitive dividend, a tax efficient staple of the BDC business model, and continued efforts to close the gap between our stock price and net asset value."