DDR Names David J. Oakes President
BEACHWOOD, Ohio, Jan. 2, 2013 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced that senior executive vice president
and chief financial officer David J.
Oakes has been named president of the Company, effective
January 1, 2013. Mr. Oakes will
remain chief financial officer of DDR, and continues to report to
Daniel B. Hurwitz, DDR's chief
executive officer.
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"I am very pleased to recognize David's extraordinary financial
and operational talents with this promotion," stated Mr. Hurwitz.
"He continues to expand his leadership position both internally and
externally, and I greatly value our partnership."
Mr. Oakes commented, "It is an exceptional honor to expand my
responsibilities and become president of a world class organization
such as DDR. I am very proud of all that we have accomplished in
recent years and I look forward to working with Dan and our deeply
talented team to produce more years of disciplined growth, and best
in class operating and financial results."
Mr. Oakes joined DDR as executive vice president of finance and
chief investment officer in April
2007. He was promoted to senior executive vice president of
finance and chief investment officer in December 2008, and chief financial officer in
February 2010. Mr. Oakes serves on
DDR's management, executive, compensation and enterprise risk
management committees, chairs the investment committee and is a
director of Sonae Sierra Brasil, the
Company's publicly traded joint venture that owns and manages high
quality shopping centers throughout Brazil.
Prior to joining DDR, Mr. Oakes served as senior vice president
and portfolio manager at Cohen & Steers Capital Management. In
that role, he was responsible for 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. Mr. Oakes earned his bachelor's degree from
Washington University in St. Louis and is a Chartered Financial Analyst
(CFA).
About DDR
DDR is an owner and manager of 459 value-oriented shopping
centers representing 116 million square feet in 39 states,
Puerto Rico and Brazil. 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.
Safe Harbor
DDR 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 oversupply 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, 2011, 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.
SOURCE DDR Corp.