Gladstone Investment Corporation said David Gladstone has stepped down as chief executive officer, effective immediately, ending a run that began in 2005 and spanned more than 21 years as CEO.
The company named David Dullum, its president since 2008, as the new CEO. John Sateri, a 20-year Gladstone veteran and current investment committee member, was appointed chief investment officer. Erika Highland and Christopher Lee, both senior managing directors, were promoted to executive vice presidents. Highland will also become president on Oct. 1, 2026, succeeding Dullum.
Gladstone will remain chairman of the board, a member of the investment committee, and chairman, CEO and president of Gladstone Management Corporation, the affiliated investment adviser.
The leadership changes come as the company said it has grown from its IPO to a fund with more than $1.2 billion in total assets. The board said the succession plan was designed to separate the chairman and CEO roles and support continuity as the company enters its 25th year in business.
Dullum said the company has an “extremely talented team” and pointed to Highland’s promotion, noting she has handled several significant portfolio successes for the fund. The market has reacted to these announcements by moving the company's shares -0.78% to a price of $14.07. Check out the company's full 8-K submission here.
