ARCP Taps Capital Automotive’s Kay for Prez
- Nov 27, 2013
Capital Automotive Real Estate Services Inc.’s loss is American Realty Capital Properties Inc.’s gain. ARCP recently snapped up David Kay from his position as chief investment officer and CFO at Capital Automotive to serve as the company’s president.
Kay steps into the shoes of Mike Weil, who has had–and will continue to have–his hands full, multi-tasking in the roles of president & COO of AR Capital, president of RCS Capital and a director of ARCP.
ARCP’s new president, who co-founded the forerunner to Capital Automotive, Capital Automotive REIT, in 1997, comes to the table with a long history of leadership experience–billions of dollars’ worth of leadership experience. During his tenure at Capital Automotive, Kay closed approximately $3 billion of real estate acquisitions, helped take the company private in a $4 billion transaction in 2005 and spearheaded two recapitalizations valued at an aggregate $3.7 billion in 2009 and 2011.
“I am enthusiastic about the opportunity to join the extraordinary group of people that make up the ARCP management team,” Kay said in a prepared statement. “After a great run at Capital Automotive, I look forward to continue working in the capital markets and am excited to once again be part of a public company.”
ARCP’s selection of Kay as president completes the company’s self-management initiative, which included the November appointments of Glenn Kindred as executive vice president of the Restaurants Division and Lisa Pavelka McAlister to the position of chief accounting officer.