NEW YORK - Investcorp Credit Management BDC, Inc. (NASDAQ:ICMB), a business development company, announced today that Suhail A. Shaikh has been appointed as Chief Executive Officer, effective immediately. The former CEO, Michael C. Mauer, will continue as Chairman of the Board of Directors and has also been named Vice Chairman of Private Credit at Investcorp.
Shaikh, who became President of the company in February 2023 and joined the Board of Directors in September 2023, will now also serve as the sole Chief Investment Officer of the company's external investment adviser, CM Investment Partners LLC. Mauer and Shaikh have previously worked together as Co-Chief Investment Officers of the adviser since January 2023.
In a statement, Shaikh expressed his enthusiasm for his new role and the opportunity to lead the company's efforts in lending to middle-market companies. Mauer also conveyed his confidence in Shaikh's leadership and the future growth of the ICMB platform.
Investcorp Credit Management BDC, Inc. focuses on lending to privately held middle-market companies, aiming to maximize total return to its stockholders through current income and capital appreciation. The company targets firms with at least $50 million in annual revenue and $15 million in EBITDA. The investment activities of Investcorp Credit Management BDC are managed by CM Investment Partners LLC.
The company's forward-looking statements indicate that future performance or financial condition may be subject to various uncertainties, including changes in base interest rates and market volatility, which could impact the business, its portfolio companies, and the broader market.
This leadership transition is based on a press release statement and reflects the company's strategic adjustments within its executive team.
InvestingPro Insights
As Investcorp Credit Management BDC, Inc. (NASDAQ:ICMB) welcomes Suhail A. Shaikh as its new CEO, the company's financial health and market performance remain a focal point for investors. According to real-time data from InvestingPro, ICMB has a market capitalization of approximately 46.79 million USD, which provides a sense of the company's size in the financial markets.
Despite the company's efforts to lend to middle-market companies and maximize returns for stockholders, ICMB's P/E ratio stands at -12.96, reflecting challenges in profitability over the last twelve months as of Q2 2024.
Investors might be particularly interested in the company's dividend yield, which is notably high at 19.33%, as of the latest data. This is consistent with one of the InvestingPro Tips that highlights ICMB's significant dividend payments to shareholders, a trend it has maintained for 11 consecutive years. This aspect could be appealing for income-focused investors, especially in the context of current market uncertainties.
Another InvestingPro Tip suggests that the stock price movements for ICMB are quite volatile, which could be of interest to investors looking for short-term trading opportunities or those who need to consider the implications of volatility on their long-term investment strategies.
For investors seeking more detailed analysis and additional insights, there are more InvestingPro Tips available at https://www.investing.com/pro/ICMB. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of information to inform their investment decisions.
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