Main Street CEO Vince Foster prepares for his departure

  • Foster will remain as Executive Chairman at Main Street
  • Foster spoke at length and said 142 words

(exechange) — Houston, Texas, January 3, 2018 — Vince Foster, chief executive of Main Street, hands over the reins. As announced by Main Street Capital Corporation in a news release and in a regulatory filing published on Wednesday, January 3, 2018, Vincent D. (Vince) Foster leaves his post as Chief Executive Officer at the capital market company after almost twelve years in the position, effective in the fourth quarter of 2018.

It is the end of an era.

Long goodbye

It is a long goodbye. The announcement of Foster’s move comes up to twelve months prior to his planned departure from his post of CEO.

Foster’s duties will be taken over by Dwayne Hyzak, currently President and Chief Operating Officer at Main Street Capital Corporation.

“Long-term succession plan”

Foster’s departure from the CEO post is explained as follows. Main Street said: “This transition is the cornerstone of the board of directors’ long-term succession plan for the company.”

Foster will remain as Executive Chairman at Main Street

“Integral to this plan is the continuation of Mr. Foster at Main Street as its Executive Chairman.  In this capacity, he will work closely with Mr. Hyzak as CEO,” Main Street said.

“Transition”

Main Street said: “Vincent D. Foster, co-founder of Main Street, and who has served as its Chairman and Chief Executive Officer (“CEO”) since its 2007 initial public offering, will transition the role and responsibility of CEO to Dwayne L. Hyzak, with this transition presently planned to occur in the fourth quarter of 2018.”

Share price rise since March 2009

The change follows a rise in the share price of Main Street Capital Corporation since March 2009.

In the position of CEO since 2007

Vincent D. Foster has been the Chairman, Director and the Chief Executive Officer of Main Street Capital Corporation since April 2007.

Foster has served as Chairman of Main Street’s Board of Directors and Main Street’s Chief Executive Officer since 2007 and also served as Main Street’s President from 2012 until 2015.

He has also been a member of the Company’s investment committee since its formation in 2007, a member of the Company’s credit committee since its formation in 2011 and a member of the Company’s executive committee since its formation in 2015.

Foster also currently serves as a founding director of Quanta Services, Inc. (NYSE: PWR), which provides specialty contracting services to the power, natural gas and telecommunications industries, and a director of Team, Inc. (NYSE: TISI), which provides specialty contracting services to the petrochemical, refining, electric power and other heavy industries.

He also served as a director of U.S. Concrete, Inc. (NASDAQ-CM: USCR) from 1999 until 2010, Carriage Services, Inc. (NYSE: CSV) from 1999 to 2011 and HMS Income Fund, Inc., a non-publicly traded business development company of which MSC Adviser I, LLC, a wholly owned subsidiary of Main Street, acts as the investment sub-adviser, from 2012 until 2013.

In addition, Foster served as a founding director of the Texas TriCities Chapter of the National Association of Corporate Directors from 2004 to 2011.

Foster, a certified public accountant, had a 19 year career with Arthur Andersen, where he was a partner from 1988-1997.

Foster was the director of Andersen’s Corporate Finance and Mergers and Acquisitions practice for the Southwest United States and specialized in working with companies involved in consolidating their respective industries.

From 1997, Foster co-founded and has acted as co-managing partner or chief executive of several Main Street predecessor funds and entities.

Read the full story in the exechange report 2.2018 ($).