Nov 16 (Reuters) - RCS Capital Corp said it appointed Lawrence Roth as chief executive officer to replace Michael Weil, who has stepped down effective immediately.
Weil, who took the job in September last year, will remain on RCS Capital’s board, the company said in a statement on Monday.
Roth earlier did a four-month stint on the RCS board.
RCS Capital, a real estate investment firm founded by entrepreneur Nicholas Schorsch, has been in turbulence after one of its units announced a $23 million accounting error in October last year.
Another unit of the company, Realty Capital Securities, was last week charged by Massachusetts’ top securities regulator with fraudulently casting shareholder proxy votes.
RCS Capital had said in August it would divest a major business, give 5.6 million shares to senior executives and a major outside investor and replace its chief executive and chief financial officer.
RCS Capital’s shares have fallen 98 percent this year.
Reporting by Ismail Shakil in Bengaluru; Editing by Anupama Dwivedi