search

The Real Deal Logo

Trending

HGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudTrump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loanH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomBank of Southern California puts Neil Shekhter portfolio up for saleBank of Southern California puts Neil Shekhter portfolio up for sale
New York

American Realty Capital CEO to step down

Nicholas Schorsch to be replaced by President David Kay, but will remain on company’s board

Nicholas Schorsch
Nicholas Schorsch

Nicholas Schorsch, CEO of commercial property investment firm American Realty Capital Properties, is set to step down in October.

President David Kay will replace Schorsch in the role, Bloomberg  News reported, as part of governance changes at the New York-based company. Schorsch will remain on the board, according to a letter sent to shareholders and filed Friday with the U.S. Securities and Exchange Commission. Board members William Kahane and Edward Weil are also to resign from the board, a move that will leave the company with five independent directors.

Sign Up for the undefined Newsletter

“We believe Mr. Kay will be more proactive in talking to investors and improve the company’s financial transparency as he builds out his executive team,” Simon Yarmak, an analyst with Stifel Nicolaus & Co., wrote in a Friday report cited by Bloomberg. [Bloomberg News] — Julie Strickland

Tags
American Realty CapitalNicholas Schorsch