Three Top American Realty Capital Execs Resign
American Realty Capital Properties Chair Nicholas Schorsch resigned in the midst of an accounting scandal that had already prompted the chief financial and accounting officers to step down. The real estate investment trust also announced today that its CEO and COO-President had departed.
The REIT announced in late October that it had deliberately concealed accounting errors. As of last week ARCP's stock had fallen 27% since that admission. Schorsch co-founded ARCP and was its CEO through October when he he was succeeded by David Kay, who as of November 14 had denied he'd step down over the accounting errors. New York-based ARCP currently has a market value of $7.8B and owns 4,400 single-tenant properties, making it the biggest US owner of that property class.