The board of directors of American Realty Capital – Retail Centers of America Inc., a publicly registered non-traded real estate investment trust sponsored by AR Capital, reported that William Kahane resigned from his roles as chief executive officer and president of the company and its advisor, and as a member and chairman of the board.
Kahane also resigned from his roles as chief executive officer and president of American Realty Capital Daily Net Asset Value Trust, a public non-traded REIT, and its advisor. According to filings with the Securities and Exchange Commission, Kahane did not resign due to a disagreement with the companies.
As The DI Wire recently reported, Kahane resigned from his role as a director at Business Development Corporation of America, and Michael Weil Jr. was named as his replacement. Weil and Kahane are both founding partners of AR Capital.
Weil will replace Kahane in his previous capacities at Retail Centers of America and Daily NAV.
Weil serves or has served as a director or in an executive role at numerous AR Capital-affiliated companies, including American Realty Capital Properties (now Vereit), Global Net Lease, American Realty Capital Trust IV, Healthcare Trust, American Realty Capital New York City REIT, American Finance Trust, Phillips Edison — ARC Grocery Center REIT II, American Energy Capital Partners — Energy Recovery Program, LP, RCS Capital Corporation, American Realty Capital — Retail Centers of America II, and American Realty Capital Healthcare Trust III. He attended George Washington University and holds FINRA Series 7, 24 and 63 licenses.
The RCAP resignations followed charges by the state of Massachusetts that members of the firm’s wholesale distribution business, Realty Capital Securities, had cast fraudulent investor proxy votes to support AR Capital-supported initiatives. RCS agreed to pay a $3 million fine and to shut down its business nationwide.
AR Capital failed to respond to inquiries by The DI Wire regarding Kahane’s resignations and his current role, if any, with AR Capital and its related entities.