Apollo Investment Corporation, an investment company with a closed-end, has been treated as a business development company since the act of 1940. Their portfolio has been mainly made up of middle-market companies. They provide loans and invest in the various companies with portfolios.
This company has been just one of the various companies that Arthur Penn has been a huge part of over the years. His work with Apollo Investment Company since 2004 has been high quality, but as of 2006, Penn made a move to leave the company and launch his own. The experience that he gained while working for Apollo was second to none. Not only did he learn the art of managing an investment firm, but he also learned much about the business.
His leaving of the company meant that Apollo needed to find a replacement for Penn’s position, the Chief Operating Officer, and President. In fact, James Zelter took the position leftover after Penn left the company. While there have been several things said about Penn’s leaving the company, Apollo actually spoke to the public about his leaving, telling them that Penn left to pursue entrepreneurial opportunities in various investment markets. Apollo Investment Corporation was not bitter about the leaving either, and they actually wished Arthur Penn well before he left, claiming that his hard work with the company has helped beyond measure.
Just a few years after its conception, Apollo’s stock shares actually rose to 36-percent, and they were even higher since the debut of the company. The analysts who have been following the company know that Penn has had a huge impact on the company. His leaving of the company might have seemed like a negative thing, but looking forward seemed like the best option for both Apollo Investment Corporation and Arthur Penn. Luckily, both of these entities parted ways with positive emotions. Apollo found new members to fill in the gaps and keep moving forward, while Arthur Penn moved on by starting his own investment firm for middle-market companies.
There seems to be some factors that went into Arthur Penn’s decision to leave Apollo Investment Corporation. However, all of the factors eventually lead to Penn’s company, PennantPark. While it might have brought up a few difficult emotions for both the COO of Apollo and Apollo itself, the time has brought them both great fortune.