LOUISVILLE, KY (January 5, 2005) — Chrysalis Ventures, LLC, today announced that Irving W. Bailey, currently one of Chrysalis’ Managing Directors, will transition to the role of Senior Advisor. This change results from Mr. Bailey’s pending relocation to Riga, Latvia, where his wife, Catherine Todd Bailey, will serve as United States Ambassador.
“We are proud of Irv for supporting Cathy in serving our country in this way” said Chairman and Managing Director, David A. Jones, Jr. “We will miss working with Irv day-to-day, but look forward to continuing to tap his experience and knowledge from a distance.”
As Senior Advisor, Bailey will continue to participate in deliberations of the firm’s investment committee, but will generally not represent Chrysalis in new portfolio investments.
Bailey, 63, joined Chrysalis as an Executive in Residence in 1998 and became Managing Director in 2001. He had previously served as Chair and CEO of Providian Corporation, which he sold to Aegon in 1997. Bailey currently serves as a director of Aegon NV, Computer Sciences Corp., and Hospira Inc., as well as of the National Association of Small Business Investment Companies and the Ethics Resource Center.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is a leading source of equity capital for young growth companies in the Southeast and Midwest. Chrysalis invests primarily in early- and expansion-stage companies in the healthcare, media and communications, and education and training sectors. Based in Louisville, Kentucky, Chrysalis has over $200 million under management and has made investments in more than 45 companies. For more information, please visit www.chrysalisventures.com.