Apollo Investment Corp. has named Howard Widra CEO and Tanner Powell president.
Widra, who has served as president of Apollo since June 2016, succeeds James Zelter, who has served as CEO since 2006. Zelter will continue to serve as a director and Widra has been appointed a director.
Powell, who succeeds Widra as president, will also continue to serve as chief investment officer for Apollo's investment adviser.
The company also announced changes to its fee structure.
The base management fee was slashed from an annual rate of 2.0% of the company's gross assets to 1.5% of gross assets up to 1.0x debt-to-equity and to 1.0% of gross assets in excess of 1.0x debt-to-equity. The incentive fee on income was revised to include a total return requirement with a rolling 12 quarter look-back beginning from April 1. The calculation of the incentive fee with the total return requirement will begin Jan. 1, 2019. The incentive fee rate and performance threshold remain 20% and 7%, respectively. For the period between April 1 through Dec. 31, the incentive fee rate will be waived to 15%, subject to the 7% annualized performance threshold.
Apollo also reported net investment income of $31.9 million, or 15 cents per share, for the first quarter, compared to $37.3 million, or 16 cents per share, in the year-ago period.
