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Schorsch Stepping Down as ARCP CEO

NEW YORK CITY—The net lease REIT's chairman and CEO made the announcement in a letter to shareholders Friday, while also outlining a number of other changes intended to maximize long-term value.

By Paul Bubny | Updated on June 20, 2014

NEW YORK CITY—Nicholas Schorsch will step down as CEO of American Realty Capital Properties in October, with company president David S. Kay succeeding him in that capacity, Schorsch announced Friday in a letter to shareholders. The letter indicated that the transition in the CEO suite had been planned for some time.

Additionally, “in our continuing effort to enhance corporate governance,” William Kahane and Edward M. Weil Jr. will step down from the net lease REIT’s board of directors, Schorsch said in his letter. Kahane and Weil will focus on their roles at RCS Capital, while the board will include five independent directors with Schorsch serving as chairman.

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