Nicholas Schorsch, CEO of commercial property investment firm American Realty Capital Properties, is set to step down in October.
President David Kay will replace Schorsch in the role, Bloomberg News reported, as part of governance changes at the New York-based company. Schorsch will remain on the board, according to a letter sent to shareholders and filed Friday with the U.S. Securities and Exchange Commission. Board members William Kahane and Edward Weil are also to resign from the board, a move that will leave the company with five independent directors.
“We believe Mr. Kay will be more proactive in talking to investors and improve the company’s financial transparency as he builds out his executive team,” Simon Yarmak, an analyst with Stifel Nicolaus & Co., wrote in a Friday report cited by Bloomberg. [Bloomberg News] — Julie Strickland
