American Realty Capital Properties, Inc. announced the appointment of Hugh R. Frater as Non-Executive Chairman of the Board of Directors. In addition, the company announced that Julie G. Richardson has joined the Board as an Independent Director. Both appointments are effective April 2, 2015.

The appointments follow the company's previous announcements that Glenn Rufrano would join ARCP as Chief Executive Officer and as a director, and that Leslie Michelson and Governor Edward Rendell would step down from the Board, each effective April 2, 2015. Mr. Frater is currently Chairman of Berkadia. Mr. Frater formerly served as the company's Chief Executive Officer.

Prior to Berkadia, Mr. Frater was Executive Vice President at PNC Financial Services, where he led the real estate division. He was also a Founding Partner and Managing Director of BlackRock, Inc., where he also led the real estate practice. Mr. Frater is active in industry affairs, serving on the Board of Directors of the Mortgage Bankers Association (MBa), as Vice Chair of the MBa GSE Multifamily Task Force and Chair of the MBa Affordable Rental Task Force as well as a member of the MBa Audit Committee.

He also serves on the Real Estate Advisory Board at the Columbia University Graduate School of Business. Ms. Richardson was most recently a Senior Advisor to Providence Equity Partners. From 2003 to 2012, she was a Partner and Managing Director at Providence Equity, and oversaw the firm's New York office.

While at Providence Equity, her responsibilities included leading the initiation and execution of deals, and optimizing operating results and strategic positioning of portfolio companies throughout Providence Equity's ownership period. Prior to Providence Equity, Ms. Richardson served as Global Head of JP Morgan's Telecom, Media and Technology Group, and was previously a Managing Director in Merrill Lynch's investment banking group. Ms. Richardson currently serves on the Board of The Hartford Financial Group.