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Main Street Capital Announces CEO Succession Plan

January 04, 2018, 07:30 AM

Main Street Capital Corporation announced that Vincent D. Foster, co-founder of Main Street, and who has served as its Chairman and Chief Executive Officer (CEO) since its 2007 initial public offering, will transition the role and responsibility of CEO to Dwayne L. Hyzak, with this transition presently planned to occur in the fourth quarter of 2018.  Integral to this plan is the continuation of Mr. Foster at Main Street as its Executive Chairman.  In this capacity, he will work closely with Hyzak as CEO.  This transition is the cornerstone of the board of directors' long-term succession plan for the company.

Hyzak also joined the Main Street board of directors, effective immediately, bringing the size of the board to ten members.

"Dwayne is uniquely qualified to assume the role as CEO of Main Street," Foster said.  "He has been affiliated with us since 2000 when he joined a Main Street portfolio company in an acquisition and integration role, and went on to join Main Street's investment team in 2002.  Dwayne served as our CFO from 2011 through 2014 while also leading one of our largest lower middle market investment teams.  He has a tremendous work ethic and demonstrates a real passion in leading the technical training and professional development of our investment professionals.  As Chief Operating Officer since 2014 and President since 2015, Dwayne has successfully led our lower middle market investment division, our investment professional recruiting efforts and investor relations initiatives.  We are fortunate to have a leader with Dwayne's level of energy and personal integrity ascend to our CEO position later this year."

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