Nick Schorsch will hand over the CEO spot at American Realty Capital (ARCP +3.4%) to President David Kay on October 1 in what Schorsch says is a planned change. "This transition will allow me to focus on long-term and strategic initiatives, while David will drive day-to-day operations," says Schorsh, who will remain board chairman.
“We believe Mr. Kay will be more proactive in talking to investors and improve the company’s financial transparency as he builds out his executive team,” says Stifel's Simon Yarmak, who has a Hold rating on the stock.
Schorsch has been under some pressure of late for maybe not having management's interests perfectly aligned with those of shareholders.
Previously: Activist rumblings at American Capital
Previously: ARCP boss skips golf; set to earn a fortune