Gladstone Investment Corporation Announces Strategic Succession Plan and Major Executive Changes

Key Highlights for Investors

• David Gladstone steps down as CEO, remains Chairman of the Board
• David Dullum promoted to Chief Executive Officer
• John Sateri named Chief Investment Officer
• Erika Highland to become President effective October 1, 2026
• Erika Highland and Christopher Lee appointed as Executive Vice Presidents
• Separation of Chairman and CEO roles, aligning with best corporate governance practices
• Company celebrates 25 years in business, reaching over \$1.2 billion in total assets

Detailed Article

McLean, VA, March 23, 2026 – Gladstone Investment Corporation (Nasdaq: GAIN) has announced a series of significant executive transitions as part of its long-term strategic succession plan. In a move that could have a material impact on the company’s future direction and is likely to be closely watched by shareholders, David Gladstone has officially stepped down as Chief Executive Officer, effective immediately.

However, David Gladstone will maintain his position as Chairman of the Board of Directors, and will remain a member of the company’s investment committee. Importantly, he will also continue as Chairman, CEO, and President of Gladstone Management Corporation, the investment adviser affiliated with the company. This transition ensures continued access to his expertise and leadership, while opening the path for new management to guide the public BDC’s operations.

Executive Promotions and Succession Details

David Dullum, who has served as President since 2008, has been promoted to Chief Executive Officer. Dullum brings extensive experience and a deep understanding of the company’s operations, having worked alongside Gladstone for more than two decades.

John Sateri, a twenty-year veteran at Gladstone and current member of the investment committee, assumes the role of Chief Investment Officer. His promotion is notable, as Sateri’s long-term involvement with the company and investment expertise are expected to provide continuity and stability in portfolio management and investment strategies.

Erika Highland and Christopher Lee, both currently senior managing directors, have been promoted to Executive Vice Presidents. Significantly, after over twenty years with the company, Erika Highland will also succeed Dullum as President, effective October 1, 2026. Highland’s track record includes managing several key portfolio successes for the fund, making her a highly qualified choice for the role.

These appointments underline the depth and strength of Gladstone’s management team. The company’s Board of Directors has expressed confidence in the new leadership, emphasizing that these changes are the result of a comprehensive, long-term succession planning process designed to ensure continuity, strategic alignment, and stability.

Governance Enhancements and Shareholder-Relevant Details

In a move that will be of particular interest to shareholders and governance-focused investors, Gladstone Investment will now formally separate the roles of Chairman and CEO. This step is widely viewed as a best practice for corporate governance and oversight, and may positively influence investor sentiment and potentially the company’s market valuation.

David Gladstone’s Legacy: Gladstone’s leadership since the company’s 2005 IPO has been transformative, guiding the company to surpass \$1.2 billion in total assets. Under his direction, Gladstone Investment has become a prominent business development company (BDC) specializing in secured debt and equity investments for lower middle market businesses across the United States, primarily in connection with acquisitions, changes in control, and recapitalizations.

Statements from Leadership

David Gladstone: “Gladstone Investment has not only been part of my life’s work, but also one of the great privileges of my life. I am grateful for the opportunity to lead such an extraordinary team over the past twenty-one years and am confident that our new leadership team will lead the Company through many decades to come. It is a proud moment to see the Gladstone family of funds celebrating its silver anniversary, our twenty-fifth year in business.”

Walter Wilkinson, Lead Independent Director: “As the visionary founder of the Gladstone family of funds and more than twenty-one years as CEO of Gladstone Investment, David has built this Company from its IPO to the renowned BDC it is today. The Board and I extend our deep appreciation and gratitude for David’s extraordinary leadership.”

David Dullum, new CEO: “As I take on this new role as the Company’s CEO, I am grateful for David’s mentorship and friendship over the past twenty-five years. We have an extremely talented team and I am excited to continue building on our strong foundation and growth with the elevation of Erika Highland to President. She has managed several significant portfolio successes for our fund and is highly qualified for this role.”

Potential Impact on Share Price and Shareholder Value

The announcement of a well-considered and phased executive succession plan, especially the separation of the Chairman and CEO roles, is a significant event for Gladstone Investment Corporation. These types of changes are often viewed positively by investors as they reflect strong corporate governance and a commitment to long-term strategic stability. The retention of David Gladstone as Chairman also provides continuity, which can mitigate concerns about leadership risk.

Given the company’s substantial asset base and the proven track record of the incoming executives, these changes could support continued growth and value creation for shareholders. However, as with any transition at the highest levels of leadership, there are inherent uncertainties and execution risks that investors should monitor moving forward.

About Gladstone Investment Corporation

Gladstone Investment Corporation is a publicly traded business development company that makes secured debt and equity investments in lower middle market businesses across the United States, typically in connection with acquisitions, changes in control, and recapitalizations.

Forward-Looking Statements

This article contains statements that are forward-looking in nature. Actual results may differ materially due to known and unknown risks, uncertainties, and other factors. For more information on these risks, please refer to the company’s filings with the Securities and Exchange Commission.

Contact Information

For further information: Gladstone Investment Corporation, (703) 287-5893. More details on the Gladstone family of funds are available at www.gladstonecompanies.com.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult their financial advisor before making investment decisions. The author and publisher are not responsible for any investment actions taken based on this article.

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