NEW YORK CITY—In the wake of several weeks of turmoil atAR Capital, company co-founder NicholasSchorsch has notified the boards of directors ofRCS Capital Corp., New York REITand 11 non-traded REITs and direct investment programs sponsored byAR Capital that he is stepping down from his board positions atthese entities. The move includes Schorsch's departure from hisrole as chairman and CEO or NYRT.
According to the company, Schorsch is moving on “in order tofocus his attention on strategic initiatives and potentialliquidity events of closed programs sponsored by AR Capital, andnew strategies for the future suite of AR Capital investmentprograms.” Meanwhile, William Kahane also isstepping down from his role as a director of RCS Capital to “leadthe further growth and development of AR Capital-sponsored realestate programs and listed companies.”
Working to fill the void, the board of directors of NYRT hasappointed Michael Happel to the role of CEO.Kahane will become executive chairman. Peter Budkowill become chairman of Business Development Corp. I and II whileKahane will become chairman of ARC Realty Finance Trust. Allof the changes are effective immediately.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
