NEW YORK CITY—In the wake of several weeks of turmoil at AR Capital, company co-founder Nicholas Schorsch has notified the boards of directors of RCS Capital Corp., New York REIT and 11 non-traded REITs and direct investment programs sponsored by AR Capital that he is stepping down from his board positions at these entities. The move includes Schorsch's departure from his role as chairman and CEO or NYRT.
According to the company, Schorsch is moving on “in order to focus his attention on strategic initiatives and potential liquidity events of closed programs sponsored by AR Capital, and new strategies for the future suite of AR Capital investment programs.” Meanwhile, William Kahane also is stepping down from his role as a director of RCS Capital to “lead the further growth and development of AR Capital-sponsored real estate programs and listed companies.”
Working to fill the void, the board of directors of NYRT has appointed Michael Happel to the role of CEO. Kahane will become executive chairman. Peter Budko will become chairman of Business Development Corp. I and II while Kahane will become chairman of ARC Realty Finance Trust. All of the changes are effective immediately.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
