Developers Diversified Realty Corporation to Name David J. Oakes Interim Chief Financial Officer
January 26 2010 - 4:30PM
PR Newswire (US)
Developers Diversified and William (Bill) H. Schafer mutually agree
to conclude his employment as executive vice president & chief
financial officer BEACHWOOD, Ohio, Jan. 26 /PRNewswire-FirstCall/
-- Developers Diversified Realty Corporation (NYSE:DDR) today
announced William H. Schafer and the Company have mutually agreed
that Mr. Schafer would conclude his employment effective February
15, 2010. The Company also announced it will name David J. Oakes as
interim chief financial officer and a search for a permanent
replacement is ongoing. Developers Diversified president &
chief executive officer, Daniel B. Hurwitz, said, "Bill has been
with DDR for 18 years and his contributions are innumerous. We wish
Bill all the best in his future endeavors and know he will continue
to be a friend of our Company." Bill Schafer said, "Developers
Diversified is an outstanding organization and I am pleased to have
played such a significant role in the growth of the Company over
the past two decades. I wish everyone at Developers Diversified
continued success." Mr. Schafer's departure was not related to the
Company's financial or operating results or to any disagreements or
concerns regarding the Company's financial or reporting practices.
Effective February 15, 2010 David J. Oakes will serve as interim
chief financial officer in addition to his regular duties as senior
executive vice president of finance & chief investment officer.
Mr. Oakes has been with the company since 2007 and has served in
increasing roles of responsibility. Prior to joining Developers
Diversified, Mr. Oakes served as senior vice president and
portfolio manager at Cohen & Steers Capital Management. In his
role, he oversaw the firm's global and international real estate
securities portfolios for the oldest and largest dedicated real
estate securities fund manager. Previously he worked as a research
analyst in global investment research at Goldman Sachs, where he
covered U.S. REITs. About Developers Diversified Realty Developers
Diversified owns and manages approximately 665 retail operating and
development properties in 44 states, Brazil, Canada and Puerto
Rico. Totaling more than 147 million square feet, the Company's
shopping center portfolio features open-air, value-oriented
neighborhood and community centers, mixed-use centers and lifestyle
centers located in prime markets with stable populations and
high-growth potential. Developers Diversified is the largest
landlord in Puerto Rico and owns a premier portfolio of regional
malls in and around Sao Paulo, Brazil. Developers Diversified is a
self-administered and self-managed REIT operating as a fully
integrated real estate company. Additional information about the
Company is available on the Internet at http://www.ddr.com/.
DATASOURCE: Developers Diversified Realty Corporation CONTACT:
Scott Schroeder, Vice President of Marketing and Corporate
Communications of Developers Diversified, +1-216-755-5500 Web Site:
http://www.ddr.com/
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