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Fifth Street Senior Floating Rate Announces Management Changes

July 24, 2014, 07:32 AM

Fifth Street Senior Floating Rate Corp. today announced that its Board of Directors made several management changes, including the promotion of Richard A. Petrocelli to Chief Financial Officer.

Prior to his promotion, Petrocelli served as Chief Accounting Officer of Fifth Street Finance Corp. Previously, he spent 15 years at Saratoga Partners, a middle-market private equity firm, where he was Managing Director and CFO. Additionally, he served as CFO and Chief Compliance Officer of Saratoga Partner's publicly-traded business development company, Saratoga Investment Corp. and has over 20 years of finance and accounting experience across a wide variety of roles in the asset management industry. Petrocelli has also been promoted to CFO of FSC.

Steven M. Noreika, who was serving as CFO of FSFR prior to Petrocelli's appointment, will take over responsibility for managing the finances of Fifth Street's growing private funds business along with his continuing role with FSFR's investment adviser, Fifth Street Management LLC.

In addition, Alexander C. Frank has stepped down as Chief Operating Officer of FSFR. Frank remains in his role as COO of Fifth Street Management LLC, where he oversees the platform's finance and operations infrastructure including FSFR, FSC and various Fifth Street private funds.  Mr. Petrocelli will continue to report to Mr. Frank. 

"As the Fifth Street platform expands, the depth of our team allows us to better align management with our expanded operations. I am pleased to announce Rich Petrocelli's promotion and I look forward to working with him in his new role as CFO of Fifth Street Senior Floating Rate Corp.," commented Ivelin M. Dimitrov, FSFR's President and Chief Investment Officer.

"Steve Noreika remains an invaluable member of Fifth Street's finance and accounting team and I am excited about his new expanded role within the organization," stated Leonard M. Tannenbaum, FSFR's Chief Executive Officer.

Fifth Street Senior Floating Rate Corp. is a specialty finance company that provides financing solutions in the form of floating rate senior secured loans to mid-sized companies, primarily in connection with investments by private equity sponsors.  FSFR's investment objective is to maximize its portfolio's total return by generating current income from its debt investments while seeking to preserve its capital.

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