Michael Moe resigned as CEO of GSV Capital Corp., effective Aug. 11, but he will continue to serve as chairman of the company's board.
Mark Klein, another board member and a consultant to GSV Asset Management LLC, GSV Capital's investment adviser, will succeed Moe as CEO.
GSV Capital also announced that its board authorized a new discretionary share repurchase program of up to $5 million of common shares over 12 months, until the earlier of Aug. 6, 2018, or the repurchase of $5 million in the company's common stock.
Under the discretionary repurchase program, GSV Capital may repurchase its outstanding common stock from time to time in the open market. The timing and number of shares buybacks will depend on market conditions and alternative investment opportunities, the company said. The company has not yet been active in the repurchase program and there are no assurances that it will buy back shares.