Several AR Capital, LLC sponsored direct investments recently announced changes at the top. The director level moves are intended to simplify board structure, mitigate potential conflicts, reduce complexity, and minimize overlap among directors.
None of the departures or resignations was a result of disagreements with any of the companies.
William Kahane was appointed Executive Chairman of American Realty Capital Global Trust, Inc. (Global Trust, Inc.) replacing Nicholas Schorsch. As a result, Kahane resigned from his post as Chief Operating Officer, Treasurer and Secretary making way for Peter Goulding to step in as Treasurer and Secretary. Goulding also serves as Chief Financial Officer of the REIT.
Executive Vice President Peter Budko also resigned from Global Trust, Inc.
Robert Cassato resigned as independent director of American Realty Capital Global Trust II, Inc. (Global Trust) and American Realty Capital New York City REIT, Inc. (NYC REIT) to pursue other business endeavors. Robert H. Burns was appointed Cassato’s replacement as independent director of Global Trust. NYC REIT’s board elected to reduce the number of directors to three, therefore, not requiring a replacement.
Similar to other independent directors, Burns will earn a retainer of $30,000 and meeting compensation and reimbursements plus be entitled to receive 1,333 restricted shares of common stock on the date of his appointment and at each annual stockholder’s meeting thereafter, subject to a five year vesting period.
David Gong resigned as lead independent director of American Realty Capital Healthcare Trust II, Inc. (Healthcare Trust) and the board appointed Randolph C. Read independent director and non-executive chairman. In connection with Read’s appointment, Kahane resigned as executive chairman of the Board.
Read will participate in the same independent director compensation program as Burns.