MCG Capital / MCGC

About MCG Capital

1100 Wilson Blvd., Suite 3000, Arlington, Va. 22209
www.mcgcapital.com | 703-247-7500 | Founded: 1998

Industry: Financial Services | Category: Public Companies

MCG Capital co-founder Bryan J. Mitchell resigned as chief executive and left the company in August and was succeeded by co-founder Steven F. Tunney. Tunney said a factor prompting Mitchell's departure was his failure to pay interest on personal loans made to him by the company. MCG fined Mitchell $25,000 for not paying interest on the loan, but it also paid him $1.5 million in severance when he left.
The company elected attorney Jeffrey M. Bucher, the audit committee chairman, as chairman of the board, replacing Kenneth J. O'Keefe, who remains on the panel.
The company also disclosed that some executives did not make timely reimbursements to MCG for withholding taxes paid on their behalf to the IRS. MCG said in a filing with the Securities & Exchange Commission that "certain violations of the Company's code of business conduct and ethics did occur."
MCG's investment portfolio grew 15 percent last year, to $1.3 billion, and profit rose 48 percent.

CEO and president: Steven F. Tunney

2006 Financial Data

Revenues: $154,393,000 | Net Income: $100,949,000
Asssets: $1,319,268,000 | Earnings Per Share: $1.86
Stockholder Equity: $753,137,000 | Annual Dividend: $1.68
Total employees: 86 | Local employees: 86