New York REIT names new nonexecutive chairman, sets stock buyback

Days after investors called for changes at the company, New York REIT Inc. tapped a new nonexecutive chairman and said it had authorized a $150 million stock buyback. Randolph Read, a member of the REIT's board since December, is replacing William Kahane, who remains a director at the company, according a statement from the company on Monday after the stock market closed. New York REIT also said it hired Cushman & Wakefield and Holiday Fenoglio Fowler to sell certain of the company's noncore assets as part of the REIT's efforts to focus on high-quality New York City real estate. Last week, an investment advisory firm that focuses on real estate and an investor in New York REIT called for changes at the company, including severing links to Nicholas Schorsch's privately held real estate sponsor and manager, AR Capital, or ARC. Mr. Kahane is one of the founding partners of ARC. Listed on the New York Stock Exchange in April 2014, New York REIT's shares have fallen 13.2% in the past 12 months. Tuesday afternoon, the stock was trading at $10.40 per share. “The actions announced today reflect our continuing commitment to enhance long-term stockholder value and to act in the best interests of our company's stockholders,” Mr. Read said in a statement. “Many of our investors have reacted positively to our message.”