Rand Capital Corporation announced that Allen F. ?Pete? Grum, President of Rand, intends to retire effective December 1, 2021. Mr. Grum will remain as a member of the Board of Directors of the Company and has been appointed Vice Chair of the Board of Directors of the Company effective December 1, 2021. As a result of Mr. Grum?s pending retirement, the Board of Directors has appointed Daniel Penberthy, Executive Vice President, Treasurer and Secretary of the Company, to serve as President of the Company effective December 1, 2021. In addition, Margaret Brechtel, Vice President of Finance, will succeed Mr. Penberthy as Executive Vice President, Treasurer, Chief Financial Officer and Secretary of the Company, also effective December 1, 2021. The Board also announced that Erland ?Erkie? E. Kailbourne will step down as Chair of the Board of Directors, effective December 1, 2021, while remaining as a director. Robert M. Zak, who has served as a director since 2005 and is currently Vice Chair, will assume the role of Board Chair, effective December 1, 2021.