Monroe Capital (NASDAQ:MRCC) Corporation (NASDAQ:MRCC), a $187 million market cap investment firm trading near its 52-week high of $8.66, announced today the resignation of Carey Davidson from its board of directors, effective immediately, and the subsequent appointment of Lynn J. Jerath as a Class II director.
Davidson's departure from the Chicago-based investment firm was not due to any disagreement on company operations or practices. The board voted to appoint Jerath, founder and President of Citrine Investment Group, to fill the vacancy. Jerath's term will extend until the 2025 annual meeting of stockholders or until a successor is elected.
The board determined Jerath to be independent under Nasdaq listing rules and not an "interested person" of the company. Her extensive experience in real estate investments and capital markets is expected to provide valuable insight to the board.
This appointment comes as Monroe Capital maintains its strong financial position with a healthy current ratio of 4.34 and an impressive 13-year track record of consistent dividend payments, currently yielding 11.59%. Jerath's background includes leadership roles in various educational and social equity organizations.
Jerath will receive a $50,000 annual retainer and a $1,000 fee per board meeting attended. She has also entered into the company's standard indemnification agreement.
This news follows Monroe Capital's commitment to board diversification and governance, with no other arrangements or family relationships influencing Jerath's appointment. The company also confirmed there are no material transactions involving Jerath that would affect her appointment.
According to InvestingPro, Monroe Capital shows several positive indicators, with more detailed analysis and insights available in the comprehensive Pro Research Report, part of the coverage of 1,400+ US equities.
This update is based on a recent SEC filing by Monroe Capital Corporation.
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