American Realty Capital Properties Inc., the real estate investment trust whose senior leadership resigned after an accounting scandal, named Glenn Rufrano as its chief executive officer and said two directors will leave.
Rufrano, the former CEO of brokerage Cushman & Wakefield Inc., will assume the role on April 1, American Realty Capital Properties, also known as ARCP, said in a statement on Tuesday. He succeeds William Stanley, who had been interim CEO since December and will remain as interim chairman.
"ARCP is a young company, grown rapidly, which now requires a sound business path," Rufrano said in the statement. "I look forward to meeting the management team, thoroughly analyzing the assets and reviewing the details of the balance sheet while at the same time seeking thoughts from the institutional investor community."
ARCP executives including Chairman Nicholas Schorsch and CEO David Kay resigned last year after disclosures of accounting errors that were intentionally concealed. The REIT, an owner of more than 4,000 properties across the U.S., has been facing pressure from shareholders including Corvex Management to overhaul its board.
ARCP said Tuesday that two board members, Leslie Michelson and Edward Rendell, plan to step down. The New York-based company is the process of recruiting a new non-executive chairman and two independent directors, resulting in a seven- member board, including Rufrano.
'Questionable Transactions'
