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.”
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