James Zelter To Become CEO of Apollo Investment Corp (AINV)

November 24, 2008 4:09 PM EST

John Hannan, Chairman and Chief Executive Officer of Apollo Investment Corporation (NASDAQ: AINV), announced that James Zelter, currently President and Chief Operating Officer of the Corporation will become Chief Executive Officer of the Corporation replacing him in that position. Additionally, he reported that Mr. Zelter has been appointed to serve as a Director of the Board of Directors (the "Board"). He further announced that Patrick Dalton, currently Executive Vice President of the Corporation, will replace Mr. Zelter as President and Chief Operating Officer. Mr. Hannan also announced that he will continue to serve as Chairman of the Board.

"I am pleased to announce these appointments since Jim and Patrick have been important drivers of Apollo Investment Corporation's strong performance," said John Hannan.

Apollo Investment Corporation, or the Company, is a closed-end investment company that has elected to be treated as a business development company.
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