(Bloomberg) -- American Realty Capital Properties Chief Executive Officer Nicholas Schorsch will step down as CEO in October and be replaced by President David Kay as part of governance changes at the largest single-tenant landlord.

The change was planned and Schorsch will remain on the board, he said in a letter to shareholders. Also, board members William Kahane and Edward Weil are resigning, leaving the company with five independent directors. Kay “will dedicate a substantial portion of his time as CEO to investor communications,” Schorsch said in the letter, filed today with the U.S. Securities and Exchange Commission.

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