17:15 ARCP American Realty Capital announces that the Board has named Glenn J. Rufrano CEO effective April 1, 2015; announces plans to reconstitute the Board of Directors (9.33 -0.22)
Mr. Rufrano succeeds William Stanley, who has held the position on an interim basis since December 2014. Mr. Stanley will continue as interim Chairman of the Board until the Board completes its search for a Non-Executive Chairman.
Mr. Rufrano joins ARCP from O'Connor Capital Partners, a real estate investment firm specializing in retail and multifamily residential properties, where he had been Chairman and CEO since 2013.
With the restatement of the Company's financial statements completed, the Company expecting to file its 2014 10-K by the end of March and the appointment of a new CEO, Leslie Michelson and Governor Edward Rendell have decided that it is the right time for them to step down from the Board effective April 1, 2015 to make way for new directors. The Board thanks Mr. Michelson and Governor Rendell for their years of service and, in particular, their contributions as members of the Audit Committee in connection with the investigation and restatement.
The Board is in the process of recruiting a new non-executive Chairman and two other new independent directors, which will result in a seven-member Board. The decision about re-nomination of the other existing directors for election at the 2015 annual meeting will be made by the disinterested members of the reconstituted Board.
17:16 ARCP American Realty Capital disclosed that in answer to inquiries it confirms that Grant Thornton LLP remains its independent registered public accounting firm (9.27 -0.17)
The Company notes it continues to work with its external advisors to complete the restatement of its financial statements and file its Quarterly Report on Form 10-Q for the third quarter of 2014 within the period permitted by its previously announced bank facility consent and waiver, which extends until March 2, 2015.