The Carlyle Group named Justin Plouffe as CEO of Carlyle Secured Lending. It came after the resignation of Aren LeeKong, who'd Carlyle promoted to that position in September 2022.
The SEC filing stated:
On March 1, 2024, Aren C. LeeKong informed Carlyle Secured Lending, Inc. (the “Company”) that he is resigning from the Board of Directors of the Company (the “Board”) and his positions as the President and Chief Executive Officer of the Company, in each case effective March 1, 2024, to pursue other opportunities. Carlyle and the Board thank him for his efforts and wish him the best for the future.The news came shortly after Carlyle Secured Lending released Q4 2023 earnings. The SEC filing indicated:On March 1, 2024, the Board appointed Justin Plouffe as a Class II Director of the Company and its President and Chief Executive Officer, effective immediately. Justin Plouffe, 47, is a Managing Director and the Deputy Chief Investment Officer of Carlyle Global Credit.Plouffe is Chief Executive Officer of TCG Securities, L.L.C., the SEC-registered broker/dealer affiliate of The Carlyle Group.
Weighted average yields exclude investments placed on non-accrual status.
The hospital emergency room operator declared bankruptcy last summer. Carlyle Secured Lending addressed the loans in its Q4 earnings report:
The net change in unrealized depreciation for the year ended December 31, 2023 compared to the comparable period in 2022 was primarily driven by depreciation in the value of our investments in American Physician Partners, LLC.
Carlyle holds $38.5 million million in APP loans (face value). It shows Carlyle's amortized cost for those loans to be $33.2 million. Carlyle shows an unfunded $1.5 million revolver commitment.
APP blamed its downfall, in part, to laws restraining surprise medical billing. Others blame it on PEU ownership.
As debt repayment can evaporate, so too can a CEO disappear. LeeKong gone Plouffe instated...
