Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 14, 2021, Brook Taube and Seth Taube submitted their resignations as
Co-Chief Executive Officers of Medley Management Inc. ("MDLY") and Medley LLC
("Medley LLC" and, collectively with MDLY, "Medley"), effective as of May 3,
2021. Messrs. Brook Taube and Seth Taube are expected to continue to serve as
Co-Chairmen of MDLY's board of directors (the "Board of Directors") and to
support the existing management team and provide strategic guidance.
On April 14, 2021, the Board of Directors appointed Howard Liao as Chief
Executive Officer of MDLY and Medley LLC, Dean Crowe as President of MDLY and
Medley LLC, and David Richards as Chief Operating Officer of MDLY and Medley
LLC, each effective as of May 3, 2021. Mr. Liao currently serves as Medley's
Chief Investment Officer and will additionally retain this title. Mr. Richards
currently serves as Medley's Chief Credit Officer and will additionally retain
this title. Mr. Crowe currently serves as a Senior Managing Director and member
of Medley's Investment Committee. Messrs. Liao, Crowe and Richards will each
serve at the pleasure of the Board of Directors.
Certain information regarding Mr. Liao, Mr. Crowe and Mr. Richards is set forth
below:
Howard Liao, age 45, has served as a Senior Managing Director and the Chief
Investment Officer of Medley since March 2020. He served as Medley's Head of
Corporate Credit from January 2016 to March 2020 and has served as a member of
Medley's Investment Committee since January 2016. Mr. Liao joined Medley as a
Managing Director in October 2014. Mr. Liao has over 20 years of leveraged
finance, direct lending and private equity experience originating, structuring
and investing in a variety of credit-oriented alternative investments. Prior to
joining Medley, Mr. Liao held several positions at Lehman Brothers. He was a
Managing Director in Lehman's Private Equity Principal Investments Group
managing private debt and private equity investments for the Lehman estate. He
was a founding principal of Lehman's Mezzanine Fund and was a member of Lehman's
Leveraged Finance Group. Mr. Liao received a BSBA from Georgetown University and
an MBA from UCLA Anderson School of Management.
Dean Crowe, age 58, has served as a Senior Managing Director of Medley since
August 2015 and a member of the Investment Committee since June 2014. He served
as the Head of Investing of Medley from December 2015 to March 2020 and has
served as the President of Sierra Income Corporation since March 2020 and was
the Chief Operating Officer of Sierra Income Corporation from August 2015 to
March 2020. Prior to joining Medley as a Managing Director in 2011, Mr. Crowe
was a Portfolio Manager with UBS O'Connor, the Alternative Investment subsidiary
of UBS Asset Management, where he managed corporate credit investments and the
O'Connor Credit Arbitrage Fund. Before joining UBS, Mr. Crowe held various
positions at Merrill Lynch in New York, where he managed proprietary credit
trading. Mr. Crowe began his career with Salomon Brothers in New York, where he
traded and invested in privately placed corporate debt. Mr. Crowe received a BBA
in Accounting from James Madison University.
David G. Richards, age 48, has served as a Senior Managing Director and the
Chief Credit Officer of Medley since May 2020. Prior to rejoining Medley, Mr.
Richards was the CFO for a privately held fintech concern from February 2020 to
April 2020. Mr. Richards was also employed as an Investor at Millennium
Management from April 2018 to January 2020, where he focused on investments in
financial services companies. During Mr. Richards' prior tenure with Medley, he
served as the Portfolio Manager for Sierra Total Return Fund from October 2016
to April 2018. From November 2015 to January 2017 he served as a member of the
board of directors at American Capital LTD and served on its executive, audit
and strategic review committees. From February 2011 to November 2015, Mr.
Richards was a Portfolio Manager for Pine River Capital Management L.P., where
he focused on credit and equity investments in the financial services sector. He
has also held positions with Goldentree Asset Management and Citadel Investment
Group. Mr. Richards received a BS from Providence College and an MBA from Emory
University.
Item 7.01. Regulation FD Disclosure.
On April 16, 2021, MDLY issued a press release announcing the management
promotions disclosed in Item 5.02 of this Current Report in Form 8-K. A copy of
the press release is furnished herewith as Exhibit 99.1.
The information in this Item 7.01 of this Current Report on Form 8-K, including
Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed
"filed" for any purpose of Section 18 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), or otherwise subject to the liabilities of such
section. The information in this Item 7.01 of this Current Report on Form 8-K,
including Exhibit 99.1 furnished herewith, shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific
reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Press Release of Medley Management Inc. dated April 16, 2021.
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