Ares Capital (ARCC) Appoints Kort Schnabel as New CEO Amid Leadership Transition

Ares Capital Welcomes New Leadership Amid Strategic Transition

Ares Capital Corporation (NASDAQ: ARCC) announces a pivotal leadership change as Kort Schnabel is set to take over as Chief Executive Officer on April 30, 2025. This transition follows the decision of current CEO Kipp deVeer to step down, although he will remain involved with the company as a member of the Board of Directors and the Investment Committee. Schnabel, who has been with Ares Management Corporation since 2001 and played a vital role in shaping its U.S. Direct Lending strategy, brings a wealth of experience in private credit investment and leadership to his new position. His academic background includes a B.A. in Economics from the University of Pennsylvania, equipping him with the analytical skills necessary for strategic decision-making in the financial sector.

DeVeer expresses confidence in Schnabel's ability to cultivate long-term relationships and drive Ares Capital's growth objectives. Co-Chairmen Mitchell Goldstein and Michael Smith echo this sentiment, highlighting the anticipation surrounding Schnabel's promotion. They emphasize that Schnabel's leadership will be integral in enhancing the company's already strong track record in providing direct loans and investments to private middle-market companies in the U.S. As Ares Capital focuses on assisting high-quality borrowers in achieving their business goals, Schnabel is committed to maintaining a culture of collaboration that delivers value to private equity sponsors, portfolio companies, and investors alike.

Founded in 2004, Ares Capital is recognized as a leading specialty finance company dedicated to offering attractive risk-adjusted returns through disciplined investment strategies. Schnabel's leadership is anticipated to uphold these principles while navigating the firm towards future opportunities. His appointment reflects Ares Capital's strategic emphasis on preserving a robust operational framework that can adapt to the evolving landscape of the private credit market, ensuring continued support for its clients and stakeholders.

In related developments, Ares Management Corporation has also appointed Kipp deVeer and Blair Jacobson as Co-Presidents, effective immediately. Their new roles will focus on firm-wide strategic initiatives and nurturing senior talent, demonstrating Ares' commitment to leadership development. This reshuffle underscores the company’s dedication to innovation and market leadership, particularly in its direct lending operations. With these key changes, Ares Capital aims to solidify its position in the alternative investment sector while fostering a strong foundation for sustained growth.