BEACHWOOD, Ohio, Feb. 11, 2015 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced that its Board of Directors has
appointed David J. Oakes to the role
of chief executive officer and as a member of the Board of
Directors, effective immediately.
(Logo: http://photos.prnewswire.com/prnh/20131217/DDRLOGO )
"After a thorough and robust search process, the Board is
confident that David is the right person to lead DDR into the
future," said Chairman Terry Ahern.
"I also want to thank the team for the terrific job that they have
done while the Board conducted the search process," added Mr.
Ahern.
"I am excited about the opportunity to be the CEO of DDR,"
remarked Mr. Oakes. "With a focus on excellence in execution,
our team looks forward to continued success for DDR and its
stakeholders."
Mr. Oakes assumed the role of president and chief financial
officer in January 2013, and
previously served as senior executive vice president and chief
financial officer since February 2010. He also served as
chief investment officer since April
2007. During his tenure at DDR, he has overseen the
Company's capital markets, transactions, budgeting, tax, investor
relations, funds management, accounting, corporate governance, and
compensation and benefits functions. Prior to working at DDR, Mr.
Oakes served as senior vice president and portfolio manager at
Cohen & Steers Capital Management, and as a research analyst at
Goldman Sachs. He earned his bachelor's degree at
Washington University in St. Louis and if a CFA charterholder.
About DDR Corp.
DDR is an owner and manager of 415 value-oriented shopping centers
representing 118 million square feet in 41 states and Puerto Rico. The Company's assets are
concentrated in high barrier-to-entry markets with stable
populations and high growth potential and its portfolio is actively
managed to create long-term shareholder value. DDR is a
self-administered and self-managed REIT operating as a fully
integrated real estate company, and is publicly traded on the New
York Stock Exchange under the ticker symbol DDR. Additional
information about the Company is available at www.ddr.com, as well
as on Twitter, LinkedIn and Facebook.
Safe Harbor
DDR Corp. considers portions of the
information in this press release to be forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, both as
amended, with respect to the Company's expectation for future
periods. Although the Company believes that the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that its
expectations will be achieved. For this purpose, any statements
contained herein that are not historical fact may be deemed to be
forward-looking statements. There are a number of important factors
that could cause our results to differ materially from those
indicated by such forward-looking statements, including, among
other factors, local conditions such as supply of space or a
reduction in demand for real estate in the area; competition from
other available space; dependence on rental income from real
property; the loss of, significant downsizing of or bankruptcy of a
major tenant; constructing properties or expansions that produce a
desired yield on investment; our ability to buy or sell assets on
commercially reasonable terms; our ability to complete acquisitions
or dispositions of assets under contract; our ability to secure
equity or debt financing on commercially acceptable terms or at
all; our ability to enter into definitive agreements with regard to
our financing and joint venture arrangements or our failure to
satisfy conditions to the completion of these arrangements; and the
success of our capital recycling strategy. For additional factors
that could cause the results of the Company to differ materially
from those indicated in the forward-looking statements, please
refer to the Company's Form 10-K for the year ended December 31, 2013, as amended. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
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SOURCE DDR Corp.