BEACHWOOD, Ohio, July 11, 2016 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) announced today that DDR Board member Thomas F. August was named President & Chief
Executive Officer, effective immediately. The appointment of Mr.
August follows the termination of David J.
Oakes as President & Chief Executive Officer and as
interim Chief Financial Officer. Mr. Oakes' termination 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.
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Mr. August is currently Chairman of the Board of DCT Industrial
Trust Inc. (NYSE: DCT), an industrial real estate investment trust
(REIT), and is a 40-year veteran of the real estate industry with
extensive experience leading all facets of finance, investment and
operational activities.
Mr. August previously served as President and Chief Executive
Officer of Equity Office Property Trust (EOP) from July 2010 until the end of 2015 and served as its
Chairman from October 2009 to
July 2010. EOP is a REIT controlled
by The Blackstone Group and is one of the largest owners and
managers of office properties in the
United States. Mr. August also previously served as
President, Chief Executive Officer, and a Trustee of Prentiss
Properties Trust, an office REIT, from 1996 until its acquisition
in 2006. In addition, he held other executive roles, including
Chief Financial Officer, at Prentiss beginning in 1987.
"I am very pleased to have Tom join DDR as our CEO," said
Terrance R. Ahern, Chairman of the
Board of Directors of DDR. "Tom has twice successfully led large
real estate platforms – one in the public market and one in the
private market. Both platforms were best-in-class and rewarding to
the companies' shareholders. We're excited to have him lead
DDR."
In addition, the Company announced two other changes to its
executive management team:
- Vincent A. Corno, a
24-year veteran of the real estate industry, will join the Company
as Executive Vice President of Leasing and Development, effective
today, reporting to Mr. August. Mr. Corno will work closely with
Paul Freddo, Senior Executive Vice
President, in connection with the transition of Mr. Freddo's
responsibilities, which the Company anticipates will extend beyond
the end of 2016.
- Christa A. Vesy,
currently serving as DDR's Executive Vice President & Chief
Accounting Officer, has been named Interim Chief Financial Officer,
effective immediately. Ms. Vesy will report to Mr. August.
Mr. Corno most recently served as Senior Vice President - Real
Estate for DICK'S Sporting Goods, Inc. (NYSE: DKS) and previously
as Senior Vice President of Real Estate with Saks Incorporated and
as Senior Vice President with The May Department Stores
Company. He also held the position of Vice President of
Development with Forest City Enterprises. Mr. Corno, who earned his
undergraduate and juris doctor degrees at St.
Louis University, is also a licensed attorney and a
certified public accountant.
Ms. Vesy became Executive Vice President & Chief Accounting
Officer of DDR in 2012, with responsibility for overseeing the
property and corporate accounting and financial reporting
functions. Before joining the Company as Senior Vice President
& Chief Accounting Officer in 2006, she worked for The Lubrizol
Corporation and the Assurance and Business Advisory Services group
of PricewaterhouseCoopers LLP. Ms. Vesy graduated with a Bachelor
of Science degree in business administration from Miami University in Oxford, Ohio and is a certified public
accountant.
Mr. August commented, "We are pleased to welcome Vince and
Christa to their new roles. We are excited to have Vince join DDR
with his varied experience and perspective as a real estate
executive for several first-class retailers. Christa's deep
knowledge of the Company's accounting and financial operations make
her a perfect fit to serve as interim CFO."
About DDR Corp.
DDR is an owner and manager of 349 value-oriented shopping centers
representing 113 million square feet in 37 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.
Media Contact
Matt
Schuler
Senior Director of Communications
216-755-5842
mschuler@ddr.com
Investor Contact
Matt
Lougee
Senior Vice President of Finance
216-755-5500
mlougee@ddr.com
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SOURCE DDR Corp.