DDR Names Thomas August CEO
July 11 2016 - 8:10AM
Dow Jones News
DDR Corp. on Monday said it named board member Thomas August as
president and chief executive, effective immediately, and that
David Oakes was fired from that role.
The real-estate investment trust said Mr. Oakes's termination
wasn't related to financial or operating results or to any
disagreements or concerns regarding the company's financial or
reporting practices.
Mr. Oakes took the helm in February of 2015 after former CEO
Daniel Hurwitz left earlier than expected at the end of 2014.
Mr. August, a 40-year real-estate industry veteran, currently
leads the board of industrial real-estate investment trust DCT
Industrial Trust Inc. He previously led Equity Office Property
Trust and Prentiss Properties Trust.
The company also named chief accounting officer Christa Vesy
interim chief financial officer. DDR in April announced Luke
Petherbridge would step down from that role in May to become CEO of
Excel Trust.
Shares of DDR, inactive premarket, have added 11% this year to
$18.68.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
July 11, 2016 08:55 ET (12:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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