Arthur Penn to leave Apollo Investment

By Lisa Kerner

Charlotte, N.C., Nov. 30 - Apollo Investment Corp. president and chief executive officer Arthur Penn is leaving the company to pursue "entrepreneurial opportunities," according to a company news release.

Penn said he has met his goal of building Apollo Investment into a leader in financing middle market companies and that he leaves the company with a portfolio that is performing well and provides strong returns for shareholders.

James Zelter, who joined Apollo Management in May 2006, will succeed Penn as president and chief operating officer. He previously worked at Citigroup. Zelter will also continue in his role as managing partner of Apollo Management's capital markets business.

Patrick Dalton and Edward Tam, who joined the company at its inception in 2004, were elected executive vice presidents of Apollo Investment.

Apollo Investment is a closed-end investment company based in New York.

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