Steven Noreika has been named chief financial officer at Fifth Street Finance Corp. (FSC) and Fifth Street Senior Floating Rate Corp. (FSFR), replacing Richard Petrocelli.
Petrocelli is leaving the role, effective July 10, to “pursue other opportunities,” according to statement rleased by Greenwich, Conn.-based parent company Fifth Street Asset Management (FSAM). Alexander Frank will remain in the CFO role at FSAM.
FSC provides financing solutions to small- and mid-sized companies, primarily with investment by private equity sponsors. It provides one-stop financing, first- and second-lien debt, mezzanine debt and equity co-investments.FSFR also provides financing to mid-sized companies, but in the form of floating rate senior secured loans.
Noreika joined FSAM in 2008. During his time at the firm, he also held various finance and accounting positions, serving as CFO of FSFR from November 3013 to July 2014.
Both Todd Owens, CEO of FSC, and Ivelin Dimitrov, CEO at FSFR, commented on the Noreika’s promotion.
“Having worked with Steve for seven years I am extremely confident that he will serve effectively as the new CFO for both FSC and FSFR, helping strengthen our infrastructure to support both entities,” Dimitrov said.
Owens noted: “I am excited to work closely with Steve in his new role and believe that FSC and FSFR will benefit from the depth of his knowledge, financial acumen and experience across the Fifth Street pkatform.