Executive Shakeup: VEREIT Gets a New CFO in Former C&W Executive Michael Bartolotta
Industry veteran Michael Bartolotta has been named EVP, CFO and treasurer of VEREIT, which has a total asset book value of $19.2B. Bartolotta most recently served as EVP and CFO for Cushman & Wakefield; he was appointed in 2012.
"I am excited to have him become a part of the management team at VEREIT as we implement our business plan and position the company for future growth," CEO Glenn Rufrano says of the hire, which is the highest-profile in a corporate overhaul.
VEREIT, formerly known as American Realty Capital Properties, was embroiled in scandal last year (erasing nearly $4B in market value), leading to the December resignation of the executive team.
This summer, however, the REIT emerged from the scandal with a fresh start, fresh name and a brand-new executive group.
"Changing the name of the company was high on my list of priorities as we work towards establishing a new business foundation and organizational culture,” Glenn said this summer.
To ensure a fresh start, the company also put up $2.2B of properties for sale this past August.
Other executive appointments for VEREIT include Thomas W. Roberts as EVP and CIO, and Paul McDowell as EVP and COO of the real estate segment. Together, the two will co-head all real estate.