Allen F. “Pete” Grum to retire as President and CEO and become Vice Chair of Board of Administrators
Daniel P. Penberthy appointed President and CEO helpful December 1, 2021
Margaret Brechtel promoted to Executive Vice President and CFO
Robert M. Zak appointed Chair of the Board
BUFFALO, N.Y., October 25, 2021–(Business enterprise WIRE)–Rand Capital Company (Nasdaq: RAND) (“Rand” or the “Company”), a organization advancement firm, declared nowadays that Allen F. “Pete” Grum, President and Chief Executive Officer of Rand, intends to retire efficient December 1, 2021. Mr. Grum will keep on being as a member of the Board of Directors of the Organization and has been appointed Vice Chair of the Board of Directors of the Firm successful December 1, 2021. As a result of Mr. Grum’s pending retirement, the Board of Administrators has appointed Daniel Penberthy, Executive Vice President, Treasurer, Main Money Officer and Secretary of the Corporation, to serve as President and Main Government Officer of the Organization powerful December 1, 2021. In addition, Margaret Brechtel, Vice President of Finance, will do well Mr. Penberthy as Executive Vice President, Treasurer, Main Economic Officer and Secretary of the Business, also successful December 1, 2021.
The Board also introduced that Erland “Erkie” E. Kailbourne will phase down as Chair of the Board of Directors, productive December 1, 2021, while remaining as a director. Robert M. Zak, who has served as a director considering that 2005 and is at present Vice Chair, will presume the position of Board Chair, productive December 1, 2021.
Mr. Kailbourne commented, “These are thrilling situations for Rand and indicative of the transformation we have been influencing above the past 3 a long time. I want to thank Pete for his 25 a long time of management acquiring crafted Rand from a smaller, venture funds business with less than $10 million in net property, to a growing, dividend-paying out business advancement business with about $58 million in internet property. We also recognize his willingness to continue on to serve on the Board. We believe that the management and working experience that Dan and Margaret provide will carry on to progress Rand as it evolves its portfolio and focuses on increasing web investment income. We feel our technique should push overall return to our shareholders.”
Mr. Zak said, “I am honored to thrive Erkie as Board Chair and pleased that he will continue to serve on the Board. Around the final 3 yrs as Chair, he has guided us via important transactions with an astute company acumen. We have found sizeable transform these final handful of years and I seem ahead to remaining a component of the Company’s ongoing advancement.”
ABOUT RAND Capital
Rand Cash (Nasdaq: RAND) is an externally-managed organization development enterprise (BDC). The Company’s financial commitment aim is to optimize total return to its shareholders with latest money and funds appreciation by concentrating its financial debt and linked equity investments in privately-held, reduce center sector providers with fully commited and seasoned managements in a broad variety of industries. Rand invests in early to afterwards stage businesses that have sustainable, differentiated and marketplace-established items, earnings of additional than $2 million and a route to totally free hard cash stream or up to $5 million in EBITDA. The Company’s financial commitment actions are managed by its exterior investment decision adviser, Rand Funds Management, LLC. Additional data can be found at the Company’s web page in which it on a regular basis posts info: https://www.randcapital.com/.
Harmless Harbor Assertion
This press release has “forward-wanting statements” within just the indicating of Part 27A of the Securities Act of 1933, as amended, and Area 21E of the Securities Trade Act of 1934, as amended. All statements, other than historic info, which include but not restricted to statements regarding the technique of the Business and its outlook, the effectiveness of variations in leadership and the Board and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-wanting statements problem long term situations and results and other statements that are not historical specifics and are in some cases determined by the words “may well,” “will,” “need to,” “potential,” “intend,” “assume,” “endeavor,” “find,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “think,” “could,” “venture,” “predict,” “proceed,” “goal” or other very similar words or expressions. Should just one or much more of these risks or uncertainties materialize, or must underlying assumptions demonstrate to be incorrect, true effects may perhaps fluctuate materially from people indicated or anticipated by these kinds of forward-on the lookout statements. The inclusion of such statements must not be regarded as a illustration that these kinds of options, estimates or expectations will be obtained. Crucial elements that could lead to actual outcomes to differ materially from these types of programs, estimates or expectations incorporate, amongst others, (1) evolving lawful, regulatory and tax regimes (2) alterations in normal financial and/or sector distinct problems and (3) other possibility components as detailed from time to time in Rand ’s reports filed with the Securities and Exchange Fee (“SEC”), together with Rand’s once-a-year report on Sort 10-K for the calendar year finished December 31, 2020, quarterly stories on Kind 10-Q, and other files filed with the SEC. Therefore, these types of ahead-on the lookout statements ought to be regarded as Rand’s current designs, estimates and beliefs. Other than as needed by relevant law, Rand assumes no obligation to update the forward-looking data contained in this release.
See resource edition on businesswire.com: https://www.businesswire.com/information/household/20211025005670/en/
Allen F. (“Pete”) Grum
President and CEO
Cell phone: 716.853.0802
E mail: [email protected]
Deborah K. Pawlowski
Kei Advisors LLC
Cell phone: 716.843.3908
E mail: [email protected]