NEW YORK CITY — American Realty Capital Properties Inc. (ARCP) has made changes to its management and corporate governance. Nicholas Schorsch has resigned as executive chairman of ARCP, the ARCP board of directors and the boards of directors of the non-traded REITs managed by Cole Capital, ARCP’s private capital business.
Additionally, David Kay has stepped down as chief executive officer of ARCP and from the ARCP board of directors. Lisa Beeson stepped down as president and chief operating officer. William Stanley has been appointed lead independent director and chairman of the nominating and corporate governance committee for ARCP.
Effective immediately, Stanley will serve as interim CEO and interim chairman of the board until permanent replacements are named. The search for a new CEO and chairman of the board has commenced.
In addition to the management changes, ARCP is reviewing and re-evaluating its business relationships and strategies, as well as enhancing its corporate governance structure.
ARCP is a self-managed commercial REIT focused on investing in single-tenant freestanding commercial properties subject to net leases with high-credit quality tenants. Additionally, ARCP acquires and manages assets on behalf of the Cole Capital non-traded REITs.