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CIFC Completes Previously Announced Succession Process

Stocks in this article: CIFC

NEW YORK, Feb. 25, 2014 /PRNewswire/ --  CIFC Corp. (NASDAQ: CIFC) ("CIFC" or the "Company") today announced today that Stephen Vaccaro, the Company's Chief Investment Officer, and Oliver Wriedt, the Company's Head of Capital Markets & Distribution, have been named Co-Presidents.  Concurrent with the appointments, Peter Gleysteen, the Company's Founder, has resigned as Chief Executive Officer, President and member of CIFC's management committee, and, as previously announced, has entered into a multi-year contract to serve as Vice Chairman of the CIFC Board of Directors and remain actively involved with select funds managed by the Company.

CIFC Logo.

"The company has great capabilities in place and is well positioned for the opportunities ahead," said Mr. Gleysteen. "I look forward to the success of CIFC's next phase."

"We are pleased to appoint Steve and Oliver as Co-Presidents," said Robert Machinist, Chairman of the Company's Board of Directors. "As members of CIFC's long-standing management committee, both Steve and Oliver know our business well. Their significant leadership experience and expertise in portfolio management will contribute to our future success as CIFC continues to expand its business and develop innovative investment strategies."

Stephen Vaccaro

Mr. Vaccaro has 36 years of experience in corporate lending and asset management. He previously served as legacy CIFC's Co-Chief Investment Officer and was named Chief Investment Officer of CIFC upon its merger with Deerfield Capital Corp.

Mr. Vaccaro spent 25 years at JPM where he began his banking career and where he received his credit training. At JPM, Mr. Vaccaro's roles included Managing Director and Co-Head of the firm's Media group. Mr. Vaccaro's experience at JPM also included merchant banking, including mezzanine and equity co-investing, and roles as a credit supervising officer in the bank's Corporate Banking department, member of the bank's Credit Audit group and Team Leader in the firm's Land Transportation and Global Automotive corporate lending groups.

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