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.”

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

Within RCAP itself, John Grady has been appointed chief strategy and risk officer, while Sanjay Yodh has been appointed EVP of RCAP liquid alternative investments. Grady has held various executive management positions at RCAP and at AR Capital, where he's currently president of National Fund Advisors, an institutional asset manager and registered investment advisor. Yodh comes to RCAP from ProShares, where he was head of institutional sales.

“Over the past three years we've made tremendous progress in building an industry-leading platform and expanding our portfolio of direct investment solutions available to retail investors,” Kahane says. “In fact, since our inception in 2007, we've raised over $20 billion through the sale of over 30 direct investment programs to over two million investors, establishing our position as an industry-leading provider of investment advice and solutions to the mass affluent retail investor.”

This past June, Kahane stepped down as a director of another company under the AR Capital umbrella, American Realty Capital Properties, in order to focus on RCAP, as did Weil. At the same time, Schorsch announced his resignation as the REIT's CEO, turning over that responsibility to ARCP president David S. Kay.