ARCP Back in the News

ARCP's investment arm, Cole Capital, has replaced yet another CEO that has suddenly resigned. Here’s what the newest leader brings to the job.
Bill Miller Cole Capital

William Miller, Cole Capital

Cole Capital, the investment management arm of American Realty Capital Properties Inc., announced it has tapped senior vice president and chief sales officer William Miller to take on the role of president and CEO only days after Michael Ezzell’s June 10 resignation from the post.

Ezzell’s vacating of the position for personal reasons came 15 months after his appointment. Now Miller, who was also named executive vice president, Investment Management for ARCP, takes on the task of providing strategic direction for Cole Capital and spearheading management of its distribution business, including external and internal sales, product development, due diligence, broker-dealer relationship management, securities operations and capital markets.

Miller is still the new guy at Cole Capital, having joined the non-traded REIT sponsor in March of this year, but he’s no industry novice. Before coming aboard at Cole Capital, he held the position of senior vice president/director of national accounts at American Funds, where he oversaw the teams behind relationship management, contract negotiations and business development with wirehouses, regional broker-dealers and global banks. He has also held senior leadership roles at Realty Capital Securities L.L.C., AXA Equitable Distributors and Lincoln Financial Distributors.

“His demonstrated track record of success, combined with the knowledge and capabilities of the senior leadership team at Cole Capital, provides the framework for building our investment management business,” Glenn Rufrano, CEO of ARCP, noted in a prepared statement. “Bill has demonstrated his passion for Cole and his knowledge of our business, sharing his excitement and enthusiasm with those around him.”

Miller will have his hands full. In December, 2014, ARCP announced that its board’s priorities would include the stabilization and growth of Cole Capital. During ARCP’s first quarter earnings call in May, Rufrano noted that with the filing of year-end financials came the capability to commence raising capital back to “more historic levels.” He added that Pershing, Fidelity, TD Ameritrade and Schwab had resumed clearing trades of Cole-sponsored products, and a bevy of broker-dealers had released their suspension on selling agreements.

“Our Cole Capital leadership team is confident we have the resources and talent to return Cole to its stature as one of the leaders in the non-listed REIT industry,” he said during the call.

There’s nary a dull moment with the ARCP family. In March, the $20-billion-dollar real estate operating company released restated financials for six quarters as a result of the October 2014 revelations of questionable accounting errors. There have since been a series of resignations and replacements at the top. Rufrano only just took top billing at ARCP in March of this year, stepping into the shoes left empty by previous head Nicholas Schorsch in December 2014.