PHOENIX—A commercial real estate veteran with a reputation as a“fixer” is reportedly the front-runner to take the reins atAmerican Realty Capital Properties. Citing sourcesfamiliar with the search process, the Wall Street Journalreported Thursday evening that Glenn Rufrano hasemerged as ARCP's lead candidate to succeed David S.Kay, who resigned as CEO this past December. Rufrano he cannot comment on the WSJ report; aspokesman for ARCP did not respond to requests for comment bydeadline Friday afternoon.

The net lease REIT has been without a permanentCEO since this past Dec. 15, when Kay and president/COOLisa Beeson resigned. Their departures came on theheels of heels of co-founder Nicholas Schorsch'sDec. 12 resignation as executive chairman, which was made public onDec. 15. William Stanley, the lead independentdirector of ARCP's board, has served as interim CEO and chairmansince then.

During a conference call Monday, Stanley said finding a new CEOwas ARCP's top priority. The call coincided with the company'sfiling of restated earnings reports for 2013 and 2014; thedisclosure in late October of accounting errorsthat had been deliberately concealed set in motion a series ofevents that culminated with the departures of the REIT's seniormanagement team. ARCP stock has been down about 19% since the Oct.29 disclosure, the WSJ reported.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.