Fifth Street Senior Floating Rate Corp.'s board appointed Patrick Dalton CEO and elected him as a board member, effective Jan. 2, 2017.

Dalton will succeed current CEO Ivelin Dimitrov, who is stepping down.

Additionally, Fifth Street said Todd Owens will step down as president and a board member, effective Jan. 2, 2017.

Fifth Street Finance Corp. already named Dalton as its CEO and as co-president of Fifth Street Asset Management, both effective Jan. 2, 2017. Dalton joins Fifth Street from Gordon Brothers Finance Co., where he served as president, CEO and chair of the investment committee from 2012 to 2016.