{"id":1004109376,"date":"2014-12-15T11:16:07","date_gmt":"2014-12-15T19:16:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004109376"},"modified":"2022-12-08T21:35:26","modified_gmt":"2022-12-09T05:35:26","slug":"arcps-schorsch-kay-say-goodbye","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arcps-schorsch-kay-say-goodbye\/","title":{"rendered":"ARCP’s Schorsch, Kay Say Goodbye"},"content":{"rendered":"

By Anna Spiewak, Senior News Editor<\/em><\/p>\n

American Realty Capital Properties’\u00a0Executive\u00a0Chairman, Nick Schorsch, and CEO, David Kay, have both resigned from the company and its Board of\u00a0Directors,\u00a0according to two separate news releases put out by ARCP Monday morning.\"Schorsch_Kay\"<\/a><\/p>\n

ARCP’s President and COO Lisa Beeson has also followed suit and stepped down from her post.<\/p>\n

Effective immediately,\u00a0William Stanley has been appointed Lead Independent Director and Chairman of the\u00a0Nominating and Corporate Governance Committee. He’ll serve as interim CEO & chairman of the Board until a permanent replaced is chosen.\u00a0The Compensation Committee has already gone to work in its search for the next CEO and Chairman of the Board \u00a0of the\u00a0the largest publicly traded net lease REIT, thanks to Schorsch who was the culprit of ARCP growing to be a $10 billion company<\/a>.<\/p>\n

But things started to get sour in October once an unnamed \u00a0employee spotted\u00a0errors in its financial statements that could no longer be relied upon as recently as the second quarter of 2014. The news caused the company’s stock to plummet more than 30 percent throughout the day, causing two executives to resign in the midst of the oversights<\/a>.<\/p>\n

The company is currently\u00a0under investigation for accounting irregularities<\/a>.<\/p>\n

\u201cThe actions taken today will stabilize the company and are necessary to\u00a0strengthen future leadership and strategy, improve governance, and complete a separation from\u00a0Nick Schorsch and his affiliates,” said Stanley in a prepared statement. “These actions build on ARCP\u2019s significant real estate assets\u00a0and asset management capabilities, and will further restore investor confidence in ARCP. The\u00a0Board is focused on finding highly qualified and experienced leadership for the roles of Chief\u00a0Executive Officer and independent Board Chairman, as well as establishing a best-in-class\u00a0governance structure. We thank David and Lisa for their service. We will continue to engage\u00a0with all of our stakeholders and take actions that create long-term shareholder value.\u201d<\/p>\n

ARCP is a leading, self-managed publicly traded net lease REIT\u00a0focused on
\ninvesting in single tenant freestanding commercial properties subject to net leases with high
\ncredit quality tenants. ARCP acquires and manages assets on behalf of the Cole Capital non-traded
\nREITs. ARCP is a publicly traded Maryland corporation listed on The NASDAQ Global
\nSelect Market.<\/p>\n

Stay tuned for more in-depth information on ARCP’s undertakings tomorrow.<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Both ARCP’s Chairman, Nick Schorsch, and CEO, David Kay, have stepped down from their posts amid accounting errors at the largest publicly traded net lease REIT.<\/p>\n","protected":false},"author":952,"featured_media":1004109597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742],"tags":[],"class_list":["post-1004109376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest"],"acf":[],"yoast_head":"\nARCP's Schorsch, Kay Say Goodbye - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/arcps-schorsch-kay-say-goodbye\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ARCP's Schorsch, Kay Say Goodbye\" \/>\n<meta property=\"og:description\" content=\"Both ARCP's Chairman, Nick Schorsch, and CEO, David Kay, have stepped down from their posts amid accounting errors at the largest publicly traded net lease REIT.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/arcps-schorsch-kay-say-goodbye\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-15T19:16:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:35:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Schorsch_Kay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"270\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcps-schorsch-kay-say-goodbye\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcps-schorsch-kay-say-goodbye\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"ARCP’s Schorsch, Kay Say Goodbye\",\"datePublished\":\"2014-12-15T19:16:07+00:00\",\"dateModified\":\"2022-12-09T05:35:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcps-schorsch-kay-say-goodbye\\\/\"},\"wordCount\":391,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcps-schorsch-kay-say-goodbye\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/12\\\/Schorsch_Kay.jpg\",\"articleSection\":[\"Featured\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcps-schorsch-kay-say-goodbye\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcps-schorsch-kay-say-goodbye\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcps-schorsch-kay-say-goodbye\\\/\",\"name\":\"ARCP's Schorsch, Kay Say Goodbye - 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