On June 3, 2013, Richard J. Smith resigned as Chief Financial Officer, Treasurer and Secretary of the Phillips Edison - ARC Shopping Center REIT Inc. Mr. Smith served as the company's Chief Financial Officer, Treasurer and Secretary since February 2010. On May 31, 2013, the company's board of directors appointed Devin I. Murphy to serve as the company's Chief Financial Officer, Treasurer and Secretary, effective June 3, 2013. Mr. Murphy previously served as Vice Chairman of Investment Banking at Morgan Stanley from November 2009 to June 2013.

He began his real estate career in 1986 when he joined the real estate group at Morgan Stanley as an Associate. Prior to rejoining Morgan Stanley in June 2009, Mr. Murphy was a Managing Partner of Coventry Real Estate Advisors. Prior to joining Coventry in March 2008, Mr. Murphy served as Global Head of Real Estate Investment Banking for Deutsche Bank Securities Inc. from February 2004 until November 2007.

At Deutsche Bank, Mr. Murphy ran a team of over 100 professionals located in eight offices in the US, Europe, and Asia. Prior to joining Deutsche Bank, Mr. Murphy was with Morgan Stanley for 15 years. He held a number of senior positions at Morgan Stanley including Co-Head of U.S. Real Estate Investment Banking and head of the private capital markets group.