What happened?
Garland Tucker, Triangle Capital's (NYSE: TCAP) co-founder, CEO, and chairman, stepped down from all of his officer positions at the company and will transition to senior advisor and chairman of the board of directors.
Does it matter?
It's somewhat rare for executive officers of any company, but especially a financial company, to leave effective immediately. Most public companies try to set retirement dates for a gentle transition to new management. Not so at Triangle, although the press release implied the change was in planning for "well over two years." Tucker will, however, remain the Chairman of the Triangle Board of Directors.
I read it as a warning that Triangle Capital's fourth quarter might not hit the mark investors were expecting when the company announces earnings on Feb. 25.
Tucker's exit as CEO is interestingly timed. It comes after a poor underwriting streak for Triangle, which has seen its accumulated gains turn into accumulated losses. The story can be written right off the company's balance sheet.
A shift at the top is apparently what the business development company thinks it needs to turn its performance back around. Ashton Poole, who served as company president and member of the board of directors will add CEO to the list of his job titles effective immediately.
