Former Cushman & Wakefield executive Glenn Rufrano has been named the new chief executive officer of American Realty Capital Properties.
Rufrano will start his job as CEO on April 1, according to an ARCP statement cited by Bloomberg. The new chief is replacing William Stanley, who served as interim CEO since December. Stanley will stay on as interim chairman.
The real estate investment trust, which owns more than 4,000 properties across the country, also announced the resignation of board members Leslie Michelson and Edward Rendell, according to the website.
Nicholas Schorsch, the company’s former executive chairman, resigned in December following an accounting scandal. ARCP’s former chief executive David Kay, as well as former president and chief operating officer Lisa Benson also resigned last year.
Last October, the REIT’s management revealed that accounting errors were found in the company’s public filings, which had been intentionally concealed. After the scandal, ARCP’s stock price fell more than 35 percent. [Bloomberg] — Claire Moses