(Bloomberg) -- RCS Executive Chairman Nicholas Schorsch and two other top executives resigned from American Realty Capital Properties, the U.S. real estate investment trust that has lost more than a quarter of its value since disclosing accounting errors.

Schorsch stepped down as executive chairman and a director of the New York-based landlord, the company said in a statement today. Chief Executive Officer David Kay also resigned, as did Lisa Beeson, president and chief operating officer. William Stanley will act as chief executive officer and chairman until permanent replacements are named. The changes are effective immediately.

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