Kipp deVeer takes the reins at Ares Capital

The firm's president is now its chief executive, while Michael Arougheti is moving to the role of co-chairman.

Ares Capital Corporation, the direct lending and BDC arm of Ares Management, announced several promotions today, including naming Kipp deVeer, formerly the firm’s president, to the title of chief executive officer. He takes over for Michael Arougheti, who will now be co-chairman of the board of Ares Capital Corp, along with current chairman Bennett Rosenthal. Arougheti will also continue in his role as president of parent company Ares Management.

Mitchell Goldstein and Michael Smith have also now been promoted to co-presidents of Ares Capital, taking over for deVeer. Both had been executive vice presidents since May last year, when Arougheti and deVeer were also promoted to their previous titles of ceo and president, respectively.

Arougheti was one of the co-founders of Ares Management in 2004, while deVeer and Smith had both been senior executives at Ares Capital Corp since 2004, when the firm went public. Goldstein had joined in 2005. Ares Management also went public this spring.