Ares Capital (NASDAQ:ARCC) now has a new man in the chief executive's office. The business development company has tapped Michael Arougheti to be its CEO, in addition to a raft of other high-level appointments.
Before his appointment, Arougheti was president of the company, dating to its IPO in 2004. He is also a director at the company, and a senior partner in the private debt group of affiliated entity Ares Management. He will continue to serve in the latter capacity after his move to Ares Capital's CEO office.
To fill his vacated president job, Ares has given the nod to R. Kipp deVeer II. Like Arougheti, deVeer will continue in his position as senior partner in the private debt group of Ares Management.
Meanwhile, Eric Beckman, Mitchell Goldstein, and Michael Smith have all been named executive vice presidents at Ares Capital. Not surprisingly, the three men have served as senior partners in the private debt group of Ares Management and will continue to do so.