Hsieh joined Spirit this past September from Morgan Stanley, where he served as managing director and vice chairman of investment banking, primarily focused on the firm's real estate clients. Before joining Morgan Stanley, he was vice chairman and sole/co-global head of the real estate investment banking group at UBS.

“Elevating Jackson at this critical time reflects the board's continued focus on improving Spirit's operating capabilities,” says Gilchrist. “In Jackson, we have a uniquely qualified leader who has a clear vision for how we grow our company and create the best long-term outcome for Spirit's stockholders.”

Additionally, the company is creating an operating committee comprised of independent directors Nicholas P. Shepherd, who will serve as chair, and Kevin M. Charlton to work closely with Hsieh and his senior team. The committee has the authority to retain advisors.

DALLAS—Net lease REIT Spirit Realty Capital Inc. said Monday afternoon that president and COO Jackson Hsieh had been promoted to CEO and president, while also being named to the board of directors. The board's new chairman is Richard I. Gilchrist, former lead independent director, while Thomas Nolan, Spirit's chairman and CEO since September 2011, is leaving the company effective immediately. No explanation was given for Nolan's departure.

The management change comes days after Spirit missed estimates on first-quarter adjusted funds from operations, and lowered its full-year guidance on AFFO. “The dramatic and swift moving changes to the retail landscape in reaction to changing consumer behavior have been well documented,” Nolan said on an earnings call. “I won't dwell on the statistics. However, I will say the impacts are profound, and they do impact Spirit Realty.”

Nolan noted that “an unusually high number” of the REIT's retail and restaurant tenants had ceased paying rent from the beginning of the year, “and this had a negative impact of $4 million on our first quarter result. However, as disruptive with these tenant challenges are, they will allow us to reposition the underlying assets with concepts better suited to today's consumer preferences.” J.P. Morgan downgraded Spirit to “neutral” from “overweight” following the Q1 report.

“We have made significant progress at Spirit, improving the quality of our talent, strengthening our operations and enhancing our capital structure, but we recognize there is still significant work to be done,” Hsieh says. “Our plan moving forward will focus critically on credit and tenant concentration challenges in order to enhance the profitability of our platform. We remain committed to growing the company in a manner that enables us to strengthen our balance sheet, preserve liquidity and create long-term stockholder value.”

Hsieh joined Spirit this past September from Morgan Stanley, where he served as managing director and vice chairman of investment banking, primarily focused on the firm's real estate clients. Before joining Morgan Stanley, he was vice chairman and sole/co-global head of the real estate investment banking group at UBS.

“Elevating Jackson at this critical time reflects the board's continued focus on improving Spirit's operating capabilities,” says Gilchrist. “In Jackson, we have a uniquely qualified leader who has a clear vision for how we grow our company and create the best long-term outcome for Spirit's stockholders.”

Additionally, the company is creating an operating committee comprised of independent directors Nicholas P. Shepherd, who will serve as chair, and Kevin M. Charlton to work closely with Hsieh and his senior team. The committee has the authority to retain advisors.