BlackRock Capital Investment Corp. named Michael Zugay CEO of the company, effective Jan. 1, 2017.

Zugay is head of investments for BlackRock's U.S. private capital group. Before joining BlackRock in 2015, Zugay was a managing director for Ares Management LP's direct lending group.

On Dec. 22, the company's board increased the number of directors to eight from seven and appointed James Keenan as a director to fill the newly created seat, effective Jan. 1, 2017. He was also appointed chairman of the board, effective the same date. His term will expire at the 2019 annual meeting of stockholders. Keenan is the global head of fundamental credit at BlackRock.

The appointments of Zugay and Keenan follow the decision of Steven Sterling to leave his role as chairman of the board and CEO of the company, effective Dec. 31. He will remain a director.