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Deals & Dealmakers

Nick Schorsch exits ARCP


American Realty Capital Properties, Inc. announced that Nick Schorsch has stepped down as executive chairman of ARCP and from the ARCP Board of Directors and the Boards of Directors of the non-traded REITs managed by Cole Capital.

William Stanley will assume the role of Chairman on an interim basis until a replacement can be found.

ARCP said it will be unwinding all of its relationships with entities in which Schorsch maintains an executive or director-level role or is a significant stockholder.

“The steps taken today enhance ARCP’s corporate governance structure, increase transparency and further simplify its business relationships,” said Stanley.
“We thank Nick for hisvision and years of service on behalf of ARCP, and wish him well in his continuing business endeavors.”

Schorsch’s departure from ARCP comes a month after ARCP’s chief financial officer, Brian Block, resigned when the company revealed a $23 million accounting error from the first half of the year that was intentionally not corrected.

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