Boston, MA 06/12/2014 (wallstreetpr) – American Realty Capital Properties Inc (NASDAQ:ARCP) on June 10, 2014 announced that it was resigning Scott P. Sealy, Sr. from the existing Board of Directors. This happened because Scott P. Sealy informed the company that he was joining real estate venture which was highly competitive with the business of ARCP. Because of the possibility of conflict of interest, Scott P. Sealy informed the Board that he would not be able to serve on ARCP anymore.
Scott P. Sealy’s Role in ARCP
Scott P. Sealy joined American Realty Capital Properties Inc (NASDAQ:ARCP) just recently in February 2014 because of shut down of Cole Real Estate Investments, Inc., a company acquired by ARCP. He served in ARCP as the member of Conflicts Committee of ARCP. The resignation of Scott P. Sealy also includes his resignation from the Conflicts Committee of ARCP. Scott P. Sealy, on the event of his resignation said that he had enjoyed his responsibilities during the service as a part of the Board of Directors. He said that his other business interests precluded him from serving American Realty Capital Properties Inc (NASDAQ:ARCP) further.
Statement From The Lead Independent Director Of ARCP
The Lead Independent Director of American Realty Capital Properties Inc (NASDAQ:ARCP), Leslie D. Michelson said that Scott P. Sealy was building a kind of business which would lead to conflicts for him in case he continued with American Realty Capital Properties’ Board. Leslie D. Michelson further added that it was glad to have his service during a short transition period which was followed by the merger with Cole Real Estate Investments. Leslie said that having Scott P. Sealy’s insights into the Conflicts Committee as well as the Board was appreciable and valuable.
Leslie said that it was understandable that he was resigning because his competitive interest required him to do so and the company wished him the best in his upcoming ventures.
