American Realty Ex-CFO Forfeits $35 Million in Compensation
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Brian Block, the former chief financial officer of American Realty Capital Properties Inc. who resigned after the company found errors in its financial statements, is leaving behind a pay package worth $35 million.
Block, who resigned after the real estate investment trust said some of the errors were intentionally not corrected, isn’t getting a $10 million stock retention award or about $22 million in long-term pay, the company said in an e-mailed statement. American Realty had set his potential annual cash and stock bonuses at $1.25 million and $1.75 million, respectively, according to the company’s proxy statement filed in April.