This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

MCG Capital Board Of Directors Names B. Hagen Saville President And Chief Executive Officer And Announces Changes To Its Board Of Directors

MCG Capital Corporation (Nasdaq: MCGC) (“MCG” or the “Company”) announced today that on October 26, 2012 B. Hagen Saville, 51, has been elected as President and Chief Executive Officer effective as of November 1, 2012. Mr. Saville succeeds Richard W. Neu, who will remain as Chair of the Company’s Board of Directors. In addition, to facilitate a reduction in the size of the Board of Directors and consistent with MCG's cost reduction efforts, Board members A. Hugh Ewing, III and Wallace B. Millner, III have tendered their resignations effective December 31, 2012, at which point the Board will be reduced from seven members to five. In addition to his current role as chair of the investment and valuation committee, Mr. Millner served as Chair of the Board from November 2002 to February 2005 and from 1998 through May 2001 and as a chair of the audit committee. Since joining the Board in 2007, Mr. Ewing has served on various committees, and now serves on each of the audit, compensation, nominating and corporate governance and investment and valuation committees.

Of Mr. Neu’s transition from CEO/Chair to Chair of the Company’s Board of Directors, Mr. Saville said “I would like to thank Rick for his stewardship through an important period in the Company’s history. With Rick’s guidance, we have simplified our capital and expense structure, successfully returned to our roots as a strong middle-market debt lender, and transitioned our workforce to a small group of committed, highly-skilled professionals. I am pleased that Rick will continue his work with MCG as a member of the MCG Board to further strengthen the Company and maximize value to shareholders.”

“I would like to extend my gratitude to the departing board members for their service to the Company,” said Mr. Neu. “We have been fortunate to have B’s thoughtful leadership and experience as a financial leader since the Company’s inception in 1998. Hugh’s insight into complex financial issues and his dedication to building MCG’s future throughout a challenging economic period has been invaluable.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs