BEACHWOOD, Ohio, April 28, 2016 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced that Chief Financial Officer and
Treasurer Luke J. Petherbridge will
step down from his role effective May 6,
2016, in order to assume the position of president and chief
executive officer of Excel Trust, a retail REIT owned by a fund
affiliated with Blackstone Real Estate.
"I want to thank Luke for his eight years of service to DDR,
initially running our joint venture with MDT and more recently
leading DDR's capital markets and transactional efforts. He will
certainly be missed, but I am confident that the significant
progress that he has helped us make with our deep finance team and
our dramatically improved balance sheet and portfolio will ensure a
seamless transition and will enable DDR to continue to execute on
our strategic plan and create value for shareholders," commented
David J. Oakes, president and chief
executive officer.
The Company has commenced a search process for Mr.
Petherbridge's replacement, which is expected to include internal
and external candidates. David J.
Oakes will also serve as chief financial officer and
treasurer on an interim basis until a successor is appointed
following Mr. Petherbridge's resignation, effective May 6, 2016.
About DDR Corp.
DDR is an owner and manager of 352
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.
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; redevelopment and construction activities may not
achieve a desired return 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, 2015. 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.