Main Street Announces Promotions in its Finance, Accounting and Treasury Functions

Rhea-AI Summary

Main Street Capital (NYSE: MAIN) has announced key promotions in its finance, accounting, and treasury departments, effective August 12, 2024.

Ryan R. Nelson will step into the roles of Chief Financial Officer and Treasurer, replacing Jesse E. Morris, who will continue as Executive Vice President, Chief Operating Officer, and Senior Managing Director. Nelson has been with Main Street since December 2022 and has prior experience at Conn's Inc. and EnLink Midstream Partners.

Cory E. Gilbert is promoted to Chief Financial Officer – Asset Management Business, having joined Main Street in November 2020. He has previous experience with Oak Hill Advisors and ORIX USA.

Ryan H. McHugh will become Vice President, Chief Accounting Officer, and Assistant Treasurer. McHugh joined Main Street in May 2024 and has a background at Academy Sports + Outdoors, Glori Energy, Stewart Title Company, and Grant Thorton.

Positive

• Ryan R. Nelson's promotion to CFO and Treasurer is poised to bring seasoned expertise from his previous roles at Conn's Inc. and EnLink Midstream Partners.
• Cory E. Gilbert's elevation to CFO – Asset Management Business is expected to leverage his extensive experience from Oak Hill Advisors and ORIX USA.
• Ryan H. McHugh's new role as Vice President, Chief Accounting Officer, and Assistant Treasurer aims to strengthen Main Street's accounting leadership with his background at Academy Sports + Outdoors and other firms.

Negative

• The departure of Jesse E. Morris from CFO duties may raise concerns about continuity and transition challenges in Main Street's financial leadership.

News Market Reaction

-0.25%

1 alert

-0.25% News Effect

On the day this news was published, MAIN declined 0.25%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

HOUSTON, Aug. 8, 2024 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that its Board of Directors has promoted Ryan R. Nelson to Chief Financial Officer and Treasurer, Cory E. Gilbert to Chief Financial Officer – Asset Management Business and Ryan H. McHugh to Vice President, Chief Accounting Officer and Assistant Treasurer, each effective as of August 12, 2024. Mr. Nelson currently serves as Main Street's Vice President, Chief Accounting Officer and Assistant Treasurer and succeeds Jesse E. Morris in his new role. Mr. Morris will continue to serve as Main Street's Executive Vice President, Chief Operating Officer and Senior Managing Director. Mr. Gilbert currently serves as Main Street's Vice President Finance and Chief Accounting Officer – Asset Management Business. Mr. McHugh currently serves as Main Street's Vice President of Finance.

Dwayne L. Hyzak, Main Street's Chief Executive Officer, stated, "On behalf of our Board of Directors, I am very pleased to announce the well-deserved promotions of Ryan Nelson, Cory Gilbert and Ryan McHugh.  Over the last couple of years Ryan Nelson has been highly valuable to our organization as we've worked to expand and improve our finance, accounting and treasury functions to match the growth and best in class performance of our investment teams, investment portfolio and asset management business. Over the last four years Cory Gilbert has been instrumental in helping us manage the demands the growth of our asset management business has had on our finance, accounting and treasury functions and he has been key to our successes with our asset management business. While Ryan McHugh is a relatively new addition to our accounting leadership team, he has been highly valuable in helping lead our accounting team over the last few months as we've prepared for this transition, and he brings a wealth of knowledge and experience to our existing finance, accounting and treasury teams.  Jesse, as a long-time member of our executive management team, has been a tremendous CFO over the last few years, while also serving as our Chief Operating Officer and managing a lower middle market investment portfolio.  We are very excited to have his focus back solely on our investment and operations activities where we know that he can continue to add significant value to our firm." 

Mr. Nelson, a certified public accountant, has been Main Street's Vice President, Chief Accounting Officer and Assistant Treasurer since March 2023 and previously served as its Vice President of Finance since joining Main Street in December 2022. Prior to joining Main Street, Mr. Nelson spent four years with Conn's, Inc., a furniture, mattress, electronics and appliance store chain, where he worked in several leadership roles, including Vice President and Chief Accounting Officer. Prior to joining Conn's, Mr. Nelson spent seven years with EnLink Midstream Partners, a midstream energy services company, where he worked in several leadership roles in their accounting group. Mr. Nelson started his career at KPMG LLP.

Mr. Gilbert, a certified public accountant, has been Main Street's Vice President Finance and Chief Accounting Officer – Asset Management Business since February 2022 and previously served as its Chief Accounting Officer – Asset Management Business since joining Main Street in November 2020. Mr. Gilbert was also recently promoted to Chief Financial Officer and Treasurer of MSC Income Fund, Inc., a non-listed business development company managed by Main Street's wholly owned portfolio company MSC Adviser I, LLC. Prior to joining Main Street, Mr. Gilbert spent over four years with Oak Hill Advisors ("Oak Hill"), an alternative asset investment firm, where he served as Chief Financial Officer & Treasurer of OHA Investment Corp., a publicly-listed business development company previously managed by Oak Hill. Prior to joining Oak Hill, Mr. Gilbert spent over ten years with ORIX USA, an alternative asset management and investment firm, and certain of its wholly owned subsidiaries, where he served in several leadership roles in their finance and accounting groups.  Prior to ORIX, Mr. Gilbert served in accounting and finance roles with several companies in the finance industry. Mr. Gilbert started his career at KPMG LLP.

Mr. McHugh, a certified public accountant, has been Main Street's Vice President of Finance since May 2024.  Prior to joining Main Street, Mr. McHugh spent eight years with Academy Sports + Outdoors where he worked in several leadership roles including Vice President and Corporate Controller.  Prior to joining Academy, Mr. McHugh held various accounting leadership roles at Glori Energy and Stewart Title Company. Mr. McHugh started his career at Grant Thorton in the assurance practice.

ABOUT MAIN STREET CAPITAL CORPORATION

Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies.  Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors.  Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides "one stop" financing alternatives within its lower middle market investment strategy.  Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.  Main Street's middle market portfolio companies are generally larger in size than its lower middle market portfolio companies.

Main Street, through its wholly owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties.  MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Jesse E. Morris, CFO and COO, jmorris@mainstcapital.com
713-350-6000

Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan@dennardlascar.com
713-529-6600 

 

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SOURCE Main Street Capital Corporation

FAQ

When are the new promotions at Main Street Capital effective?

The promotions are effective as of August 12, 2024.

Who is the new Chief Financial Officer and Treasurer of Main Street?

Ryan R. Nelson has been promoted to Chief Financial Officer and Treasurer.

Who is the newly appointed Chief Financial Officer for the Asset Management Business at Main Street?

Cory E. Gilbert has been promoted to Chief Financial Officer – Asset Management Business.

What position will Ryan H. McHugh hold at Main Street?

Ryan H. McHugh will be the Vice President, Chief Accounting Officer, and Assistant Treasurer.

What experience does Ryan R. Nelson bring to his new role at Main Street?

Ryan R. Nelson has previous experience at Conn's Inc. and EnLink Midstream Partners in various leadership roles.