Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. OnNovember 9, 2020 ,Thomas M. Finke submitted his resignation from the Board of Directors (the "Board") ofBarings BDC, Inc. (the "Company"), effective as of the close of business onNovember 30, 2020 .Mr. Finke , Strategic Advisor and former Chief Executive Officer ofBarings LLC ("Barings"), the Company's external investment adviser, has decided to retire from Barings effectiveNovember 30, 2020 .Mr. Finke's resignation was not the result of a disagreement with the Company on any matter relating to its operations, policies or practices. The Board, upon recommendation from itsNominating and Corporate Governance Committee , has appointedDavid Mihalick to fill the vacant seat created byMr. Finke's resignation, effective as of the close of business onNovember 30, 2020 , to serve as a Class III member of theBoard for the remainder of the full term of such Class III directorship.Mr. Mihalick serves as Head ofU.S. Public Fixed Income at Barings, with primary responsibility for theU.S. High Yield and Investment Grade Investment Groups.Mr. Mihalick is also Chairman of theU.S. High Yield Investment Committee, a member of the Global High Yield Allocation Committee and a portfolio manager on various high yield strategies. Prior to his current role,Mr. Mihalick served as Head ofBarings' U.S. High Yield Credit Research Group .Mr. Mihalick has worked in the financial services industry since 2004. Prior to joining the firm in 2008, he was a Vice President withWachovia Securities Leveraged Finance Group , where he was responsible for sell-side origination of leveraged loans and high yield bonds to support both corporate and private equity issuers. Prior to entering the financial services industry, he served as an officer in theUnited States Air Force and worked in the telecommunications industry for seven years. David holds a B.S. from theUnited States Air Force Academy , an M.S. from theUniversity of Washington , and an M.B.A. fromWake Forest University . There is no arrangement or understanding betweenMr. Mihalick and any other person pursuant to which he was appointed to the Board. Further, with regard toMr. Mihalick , there are no transactions since the beginning of the Company's last fiscal year, or any currently proposed transaction, in which the Company is a participant that would require disclosure under Item 404(a) of Regulation S-K promulgated by theSecurities and Exchange Commission .
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