NEW YORK CITY—Confirming published reports that appeared late last week, American Realty Capital Properties Inc. said late Tuesday afternoon that it had named Glenn Rufrano its new CEO, succeeding interim CEO William Stanley. Currently chairman and CEO of O'Connor Capital Partners and formerly CEO of Cushman & Wakefield, Rufrano assumes his new post April 1.

The net lease REIT said it also plans to reconstitute its board of directors. Two of its directors, former Pennsylvania Gov. Edward Rendell and Leslie Michelson, will step down from the board, also on the first of next month. Stanley will serve as interim chairman until a permanent replacement is found.

“ARCP is a young company, grown rapidly, which now requires a sound business path,” says Rufrano. “I look forward to meeting the management team, thoroughly analyzing the assets and reviewing the details of the balance sheet while at the same time seeking thoughts from the institutional investor community. Once complete, we will organize a strategic plan and begin execution to maximize the value of the core REIT assets, Cole Capital and the enterprise.”

The REIT says its board is in the process of recruiting a new non-executive chairman and two other new independent directors, which will result in a seven-member board. The decision about re-nomination of the other existing directors for election at the 2015 annual meeting will be made by the disinterested members of the reconstituted board, ARCP says. Earlier on Tuesday, GlobeSt.com reported that two major shareholders in ARCP would like to see an all-new board come in, including at least one shareholder representative.