BEACHWOOD, Ohio, Dec. 14, 2016 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced that it has named William T. Ross as chief operating officer,
effective January 3, 2017.
Mr. Ross will oversee Asset Management and Property Management
and will focus on improving same-store net operating income and
cash flow at the property and portfolio levels. He will work
closely with the full leadership team of DDR on all operational
initiatives and especially with Vince
Corno, executive vice president of leasing and
development. Mr. Ross and Mr. Corno will report directly to
President and Chief Executive Officer Tom
August.
Mr. Ross is a seasoned veteran of the retail real estate
industry with extensive experience as a senior leader at Forest
City Realty Trust as executive vice president of asset management
since 2006. In his role at Forest
City, he oversaw 85 properties totaling 22 million square
feet, and provided strategic oversight on leasing, operations,
capital expenditures, and redevelopments across the portfolio.
While in that role, Mr. Ross also led many broad operational
improvement and strategic initiatives across the
organization. Prior to his role in Asset Management, Mr. Ross
was vice president of strategy and investment management at
Forest City where he evaluated
investment decisions and put in place core strategic processes for
achieving profitable growth.
Prior to his time at Forest
City, Mr. Ross was an executive at General Electric Company
where he led M&A for one of GE's major divisions. He also
spent six years as a consultant for McKinsey & Company, worked
in venture capital, and ran a small sporting goods manufacturing
company. Mr. Ross earned his bachelor's degree from
Miami University and his MBA from the
University of Chicago.
Tom August, chief executive
officer of DDR, commented, "We are very pleased to announce the
addition of Bill Ross to our
executive team. Bill is a seasoned retail real estate
executive who will provide a fresh perspective for how to
strategically view our portfolio as well as dive into operations
and drive asset-level cash flow growth. With his experience
working with retail leasing, he will be able to work closely with
Vince Corno and the leasing and
development teams to continue our efforts of driving strong
operational performance. Given Bill and Vince's significant
retail real estate backgrounds, the operational side of the
organization is extremely well-prepared to address the rapidly
changing retail landscape."
About DDR Corp.
DDR is an owner and manager of 327
value-oriented shopping centers representing 107 million square
feet in 36 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 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; the success of our capital recycling strategy; and
any impact on strategy or results from the transition and
leadership. 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.
PROP
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ddr-names-william-ross-chief-operating-officer-300377651.html
SOURCE DDR Corp.