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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