CEO and Chief Investment Officer of American Realty Capital New York City REIT Resign
March 20, 2017 | by James Sprow | Blue Vault
On March 10, 2017, Michael A. Happel resigned as the chief executive officer, president and secretary of American Realty Capital New York City REIT, Inc., effective as of the business day immediately following the filing of the Company’s Annual Report on Form 10-K for the period ending December 31, 2016. The Company reported that Mr. Happel’s resignation was not the result of any disagreement with the Company. Mr. Happel has advised the Company that he will no longer be responsible for any part of any registration statement filed by the Company pursuant to and consistent with 15 U.S.C.§ 77k(b)(l). Effective March 31, 2017, Mr. Happel will also no longer be an officer or employee of the Company’s advisor or its affiliates.
Effective upon Mr. Happel’s resignation, the Company’s board of directors appointed Edward M. Weil, Jr. to serve as chief executive officer, president and secretary of the Company. Mr. Weil has served as the executive chairman of the Company’s board of directors since November 2015 and will continue in such capacity following this appointment.
Mr. Weil also is the chief executive officer and a non-controlling member of AR Global Investments, LLC (“AR Global”), the parent of the Company’s sponsor.
On March 10, 2017, Patrick A. O’Malley resigned as the chief investment officer of the Company, effective as of that day. The Company reported that Mr. O’Malley’s resignation was not the result of any disagreement with the Company. Mr. O’Malley is no longer an officer or employee of the Company’s advisor or its affiliates
Learn more about AR Global on our Sponsor Focus page.
Best Due Diligence meeting in the industry. No sales pitches, senior level decision makers, meaningful discussions and the Broker Dealer networking sessions were especially useful. Thanks to Blue Vault for raising the bar!