Michael Ezzell Resigns from Cole Capital Posts

Cole Capital, the investment management arm of American Realty Capital Properties, Inc. (NYSE:ARCP), announced this morning that Michael Ezzell has resigned from his posts as president and chief executive officer for personal reasons. William C. Miller, who joined Cole in March 2015, has been appointed as his replacement.

Miller was also appointed executive vice president, investment management of ARCP and will report directly to Glenn J. Rufrano, ARCP’s CEO.

“Bill is a proven leader, a seasoned veteran of the financial services industry and well-suited to lead Cole Capital,” said Rufrano in a statement.

Miller added, “Cole Capital is one of the most respected brands in the industry and I am honored to lead the organization.”

Miller, who joined Cole only three months ago as senior vice president and chief sales officer, boasts about 20 years of industry experience and most recently served as senior vice president of national accounts for American Funds. He also has held senior leadership roles with Realty Capital Securities, LLC, AXA Equitable Distributors, LLC, and Lincoln Financial Distributors.

The news of Ezzell’s departure follows a series of resignations by key marketing and distribution team members reported earlier this year in the wake of ARCP’s accounting scandal. As broker-dealers suspended selling agreements with Cole, capital raise figures came to a screeching halt. Wholesalers, who depend on having investment programs to market, were forced to look for greener pastures.

Be sure to read Cole Continues to Climb.

It’s unclear if Ezzell left for a new opportunity. The company announcement indicated his resignation was for “personal reasons” and offered its thanks by stating “the Company appreciates Mr. Ezzell’s contributions to Cole Capital during the past six years.”