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MCG names B. Hagen Saville president, CEO

Staff writer |
Arlington, Va., USA - MCG Capital Corporation (MCG), a commercial finance company, announced that B. Hagen Saville has been elected as president and chief executive officer, effective November 1, 2012.

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. Saville has been the Company’s President and Chief Operating Officer since October 2011, before which he was Executive Vice President of Business Development from March 1998 to October 2011. Mr. Saville co-founded the Company in March 1998 and earlier in his career worked in both commercial and investment banking.

Mr. Saville has served as MCG Executive Vice President of Business Development since 1998. From 1997 to 1998, Mr. Saville was employed at First Union National Bank, which acquired Signet Bank in 1997. From 1994 to 1997, Mr. Saville was employed at Signet Bank where he served as Vice President. Mr. Saville succeeds Richard W. Neu, who will remain as Chair of the Company’s Board of Directors.

Mr. Neu has been a Director of the Company since 2007 and has served as the Chairman of the Company’s Board of Directors since April 2009. Mr. Neu currently serves on the board of directors and audit committee of Huntington Bancshares Incorporated and is the lead director and serves on the audit committee and governance committee of Dollar Thrifty Automotive Group, Inc. Mr. Neu was the Chief Financial Officer and Treasurer of Charter One Financial, Inc. from December 1985 to August 2004, and was a director of Charter One Financial, Inc. from 1992 to August 2004.

In addition, to facilitate a reduction in the size of the Board of Directors and consistent with MCG's cost reduction efforts, Board members A. Hugh Ewing, III and Wallace B. Millner, III have tendered their resignations effective December 31, 2012.

Mr. Ewing is President, Managing Director and Co-Founder of Ewing Bemiss & Co., an independent investment bank providing investment banking services to middle-market companies across the United States based in Richmond, Virginia. Prior to founding Ewing Bemiss & Co. in 1992, he was a partner in Galleher & Company where he was active in private placements, leveraged buyouts, and mergers and acquisitions, and as a principal in leveraged buyouts and venture capital.

Prior to that he was vice president, corporate finance, of Wheat, First Securities, Inc., where he headed the merger and acquisition group, and gained experience in private and public financings. Mr. Ewing was also a general partner of Hillcrest Group, which managed venture capital funds and is a past chairman of the National Association of Small Business Investment Companies.