Talent drain continues as Cole Capital CEO departs

Talent drain continues as Cole Capital CEO departs
Michael Ezzell resigned on Thursday after months of turmoil at the REIT specialist. He is the latest in a number of Cole personnel to leave the firm.
JUN 02, 2015
The drain of talent at Cole Capital Corp. continues as the firm's president and CEO, Michael Ezzell, resigned on Thursday. He left the company for personal reasons, according to the company. Mr. Ezzell's resignation comes after months of turmoil at Cole Capital, formerly a leading seller of nontraded real estate investment trusts. Sales of Cole branded REITs have plummeted this year in the wake of the revelation last October that Cole's parent company, American Realty Capital Properties Inc., a giant net lease REIT, had intentionally not corrected accounting errors over the first half of 2014. Independent broker-dealers then halted sales of Cole REITs. Over the first four months of this year, Cole Capital reported sales of $48.7 million compared to $876.2 million for the same period a year earlier, according to Robert A. Stanger & Co. Inc., an investment bank. With sales down dramatically, dozens of senior executives and wholesalers at Cole have left this year. (More: Sales woes at Cole Capital lead to further exodus of talent) Mr. Ezzell is being replaced by William Miller, who joined Cole Capital earlier this year as senior vice president and chief sales officer. Previously he was with American Funds. Mr. Miller reports to Glenn Rufrano, who took over as CEO of ARCP on April 1. Mr. Rufrano has said that he is evaluating ARCP's assets and working on a strategic plan.

Latest News

Carson, Lido strengthen RIA networks with bicoastal deals
Carson, Lido strengthen RIA networks with bicoastal deals

Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.

Goldman gets shareholder backing on $80M executive bonus packages
Goldman gets shareholder backing on $80M executive bonus packages

The approval of the pay proposal, which handsomely compensates its CEO and president, bolsters claims that big payouts are a must in the war to retain leadership.

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a husband-wife tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.