News
American Realty Capital Exec Turns Down $100M
December 16, 2014
Nicholas Schorsch, who resigned as chairman of American Realty Capital Properties on Friday, is relinquishing $100M in pay and $134M in partnership units, Bloomberg reports. The compensation package included roughly $91M in salary, cash bonuses and stock and 1M in retention award units valued at nearly $9M. Company filings also show that Schorsch would forfeit about 15M partnership units worth $134M.
Schorsch stepped down several weeks after ARCP revealed it had intentionally concealed accounting errors. The real estate investment trust's CEO, COO-president, CFO and chief accounting officer have also resigned since the news broke. William Stanley is acting as interim CEO and chair until replacements are named.
