By Robbie Whelan
Veteran real-estate executive Glenn Rufrano has emerged as the
leading candidate to become chief executive of American Realty
Capital Properties Inc., according to people familiar with the
search process.
Although terms of employment haven't been finalized, Mr. Rufrano
has been interviewed for the position and the company regards him
as the lone finalist, these people said.
American Realty Capital Properties's shares were down three
cents, or 0.3%, at $10.07, in afternoon Nasdaq stock exchange
trading. The stock has fallen about 19% since the company disclosed
accounting irregularities on Oct. 29.
Several other real-estate executives, including Thomas Nolan,
CEO of Spirit Realty Capital, and Craig MacNab, CEO of National
Retail Properties Inc., have also been approached, but they told
the company that they weren't interested, these people said.
Mr. Rufrano currently serves as chairman and chief executive of
O'Connor Capital Partners, a privately held real-estate investment
firm. He has held CEO titles at Australian shopping-center owner
Centro Properties Group and real estate services firm Cushman &
Wakefield Inc., among other positions.
ARCP has been without a permanent CEO or chairman since Dec. 15,
when CEO David Kay and chairman and co-founder Nicholas Schorsch
departed.
The moves came about six weeks after the company disclosed
accounting errors in its first-quarter 2014 financial results that
had been intentionally covered up in the second quarter. The
irregularities shaved almost $3 billion from the company's
stock-market value and prompted civil and criminal investigations
from the Securities and Exchange Commission and the U.S. District
Court for the Southern District of New York, which handles many
high-profile white-collar criminal cases.
ARCP on Monday restated financial results for 2013 and the first
three quarters of 2014. Interim chief Executive William Stanley
said in a conference call that its top priority is finding a new
CEO, and that it would name a new management team in the "near
term.
Write to Robbie Whelan at robbie.whelan@wsj.com
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