---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-21-026241"
form_type: "8-K"
ticker: "RAND"
cik: "0000081955"
company_name: "RAND CAPITAL CORP"
filed_at: "2021-10-25T23:59:59+00:00"
generated_at: "2026-06-28T18:38:21.855288+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Rand Capital CEO Pete Grum to retire Dec 1; Daniel Penberthy named CEO, Margaret Brechtel CFO.

## Summary
- Allen F. "Pete" Grum to retire as President/CEO effective Dec 1, 2021; becomes Vice Chair of the Board.
- Daniel Penberthy, current EVP/CFO, appointed President and CEO of Rand and its SBIC effective Dec 1, 2021.
- Margaret Brechtel promoted to EVP, Treasurer, CFO, and Secretary effective Dec 1, 2021.
- Erland Kailbourne steps down as Board Chair; Robert M. Zak appointed Chair effective Dec 1, 2021.
- No disagreement between Grum and Company; orderly leadership succession.

## SEC filing metadata
- accession: 0001493152-21-026241
- form_type: 8-K
- ticker: RAND
- cik: 0000081955
- company_name: RAND CAPITAL CORP
- filed_at: 2021-10-25T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/81955/000149315221026241/0001493152-21-026241-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/81955/000149315221026241/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-21-026241
- JSON: https://secwatch.observer/filing/0001493152-21-026241.json
- Plain text: https://secwatch.observer/filing/0001493152-21-026241.txt

## Key facts
- Executive change
  Daniel Penberthy was appointed as President and Chief Executive Officer at RAND CAPITAL CORP.
  - Action: appointed President and Chief Executive Officer
  - Role: President and Chief Executive Officer
  source text: Daniel Penberthy, Executive Vice President, Treasurer, Chief Financial Officer and Secretary of the Company, has been appointed to serve as President and Chief Executive Officer of the Company and the SBIC, effective December 1, 2021.
  evidence_url: https://www.sec.gov/Archives/edgar/data/81955/000149315221026241/0001493152-21-026241-index.htm
- Executive change
  Margaret Brechtel was appointed as Executive Vice President, Treasurer, Chief Financial Officer and Secretary at RAND CAPITAL CORP.
  - Action: appointed Executive Vice President, Treasurer, Chief Financial Officer and Secretary
  - Role: Executive Vice President, Treasurer, Chief Financial Officer and Secretary
  source text: Margaret Brechtel, age 55, Vice President of Finance of the Company, has been appointed to serve as Executive Vice President, Treasurer, Chief Financial Officer and Secretary of the Company and Executive Vice President, Treasurer and Secretary of the SBIC, effective December 1, 2021.
  evidence_url: https://www.sec.gov/Archives/edgar/data/81955/000149315221026241/0001493152-21-026241-index.htm
- Executive change
  Erland E. Kailbourne changed role as Chairman of the Board at RAND CAPITAL CORP.
  - Action: stepping down as Chairman
  - Role: Chairman of the Board
  source text: Erland E. Kailbourne, Chairman of the Board, will be stepping down as Chairman, effective December 1, 2021, although he will remain on the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/81955/000149315221026241/0001493152-21-026241-index.htm
- Executive change
  Allen F. "Pete" Grum was appointed as Vice Chair of the Board of Directors at RAND CAPITAL CORP.
  - Action: retire and appointed Vice Chair
  - Role: Vice Chair of the Board of Directors
  source text: Allen F. “Pete” Grum, President, Chief Executive Officer and Chief Compliance Officer of the Company and the SBIC intends to retire effective December 1, 2021.
  evidence_url: https://www.sec.gov/Archives/edgar/data/81955/000149315221026241/0001493152-21-026241-index.htm
- Executive change
  Robert M. Zak was appointed as Chairman of the Board at RAND CAPITAL CORP.
  - Action: appointed Chairman
  - Role: Chairman of the Board
  source text: Robert M. Zak, a current member of the Board, will replace Mr. Kailbourne as Chairman of the Board effective December 1, 2021.
  evidence_url: https://www.sec.gov/Archives/edgar/data/81955/000149315221026241/0001493152-21-026241-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.