Conboy Resigns as Director and Executive Committee Member of RCAP
RCS Capital Corporation (NYSE: RCAP) announced that Michael Conboy resigned as a member of the board of directors and the executive committee of the board of directors. His resignation did not result from a disagreement with the company or the board of directors, according to a filing with the Securities and Exchange Commission.
RCS Capital recently filed for Chapter 11 bankruptcy as part of its previously announced strategy to transform brokerage firm Cetera Financial into a private retail business. The process is expected to conclude in May 2016. According to the bankruptcy filing, the company listed assets of $1.98 billion and debts of $1.39 billion.
As reported by The DI Wire last week, the company appointed David Orlofsky to serve as the interim chief financial officer to guide the company through its current restructuring process.
