On July 28, 2016, the Board of Directors of Medallion Financial Corp. appointed Andrew M. Murstein to succeed Marc Adelson as Chief Credit Officer and Chief Operating Officer of the company and President of the company's asset based lending division, Medallion Business Credit, effective July 28, 2016. Mr. Murstein has served as the company's President since its inception in 1995. Mr. Murstein has also served as the company's director since October 1997. He also currently serves and has previously served as officer and director of some of the company's wholly owned subsidiaries.