NEW YORK CITY—William Kahane, cofounder of AR Capital LLC with Nicholas Schorsch, is stepping down as CEO of RCS Capital Securities and has been succeeded by RCAP president Michael Weil, effective immediately. Kahane will remain a director of RCAP, while Weil will now be responsible for developing and implementing the company’s strategic vision and overseeing the execution of its business plan.

Kahane says his decision to step down as RCAP’s CEO reflects “my confidence in our outstanding management team. Under Mike’s leadership, I firmly believe RCAP will continue to execute and deliver real value to shareholders, and I look forward to continuing to work with this exceptional team as a member of the board of directors.”

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