NEW YORK CITY—William Kahane, cofounder ofAR Capital LLC with NicholasSchorsch, is stepping down as CEO of RCS CapitalSecurities and has been succeeded by RCAP presidentMichael Weil, effective immediately. Kahane willremain a director of RCAP, while Weil will now be responsible fordeveloping and implementing the company's strategic vision andoverseeing the execution of its business plan.

Kahane says his decision to step down as RCAP's CEO reflects “myconfidence in our outstanding management team. Under Mike'sleadership, I firmly believe RCAP will continue to execute anddeliver real value to shareholders, and I look forward tocontinuing to work with this exceptional team as a member of theboard of directors.”

Weil's promotion to the CEO's chair, and Kahane's decision tovacate it, were among a number of executive changes announcedTuesday morning. Bill Dwyer has become CEO ofRealty Capital Securities, an operating divisionof RCAP, where he'll oversee the development and execution ofRCAP's wholesale distribution strategic plan. Before joining RCAP,he spent 20 years with LPL Financial, most recently as president ofLPL Financial Independent Advisor Services.