Medley Capital Corporation announced the restructuring of its management and the company said that the new structure will be effective from January 1, 2021. This new management structure will reportedly replace the current Investment Management and Administration Agreements with MCC Advisors LLC, which expires on December 31, 2020.
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The new management will be led by David Lorber whose appointment has been approved by the board. David Lorber is serving as an independent director of the company since April 2019. The board also approved Ellida McMillan as interim Chief Executive Officer and Ellida McMillan as Chief Financial Officer.
Both Mr. Lorber and Ms. McMillan are well experienced and are in the process of making the new management team. The board announced the new simplified structure and is in the process of retaining Alaric Compliance Services, LLC, an officer of which would serve as the Company’s Chief Compliance Officer and also retained the US Bancorp Fund Services.
Mr. Lorber has vast experience as an investment advisor and he is with the company since 2007, serving as a portfolio manager. He has also worked as a director of Ferro Corporation.
Meanwhile, Ms. McMillan served as CFO and COO of Alcentra Capital Corporation from April 2017. She also worked as a COO of Alcentra Capital, Treasurer, and Secretary of Alcentra Capital where she built the company’s financial and operating infrastructure.
On his appointment, Mr. Lorber said that he is excited to lead the company with the new management structure and looking forward to generating value creatively and efficiently.
At this moment the Company’s Lead Independent Director said that they believe that the new simplified internalized structure will increase our flexibility to continue to seek to maximize shareholder value.
