BEACHWOOD, Ohio, March 3, 2017 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) today announced that David
Lukes has been named President and Chief Executive Officer
of the Company to replace Tom
August, who has stepped down. In addition, Mr. Lukes
has been named to the DDR Board of Directors. Also joining
DDR are Michael Makinen who will
serve as Executive Vice President and Chief Operating Officer and
Matthew Ostrower who will serve as
Executive Vice President, Chief Financial Officer, and
Treasurer.
Terrence R. Ahern, chairman of
the DDR Board of Directors stated, "One of DDR's key objectives
over the past year has been to ensure long-term management
succession. As a result, the Board and Tom were in agreement
and very pleased when the opportunity arose to have David, Mike and
Matt join DDR. We believe that, with the addition of David and his
team, the Company is well positioned to continue to successfully
navigate today's dynamic retail and capital markets environment. Of
course, the Board is grateful to Tom for his invaluable leadership
and guidance during this period of transition and thanks him for
his outstanding service to the Company."
Mr. Ahern added, "The depth of knowledge, experience and
expertise of David, Mike and Matt – in conjunction with the other
strategic initiatives the Company has underway - will lay the
ground work for the success of DDR for years to come."
Tom August, outgoing CEO and DDR
Board Member stated, "I am proud of what DDR has accomplished over
the past year, especially our balance sheet progress and ongoing
portfolio transformation. I am also extremely pleased to have
worked with the Board to execute a strong, sustainable management
succession plan. I am leaving DDR in very capable hands."
"Mike, Matt and I are extremely excited to join DDR. We believe
that the Company's transformed portfolio, its high quality
employees and strong operating platform provide a foundation for
driving sustainable long-term value for our shareholders," said
David Lukes.
David Lukes served as CEO of
Equity One from June 2014 to
March 2017. Prior to joining Equity
One, he served as President and CEO of Sears Holdings Corporation
affiliate Seritage Realty Trust. Mr. Lukes also previously served
as President and CEO of Olshan Properties (formerly Mall
Properties, Inc.) as well as Chief Operating Officer of Kimco
Realty Corporation.
Mike Makinen served as Executive
Vice President and Chief Operating Officer of Equity One from
July 2014 to March 2017. Prior to joining Equity One, Mr.
Makinen served as Chief Operating Officer of Olshan Properties.
Mr. Makinen also previously served as the head of real estate
and development with several major retailers.
Matthew Ostrower served as
Executive Vice President, Chief Financial Officer and Treasurer of
Equity One from March 2015 to
March 2017. Prior to joining Equity
One, Mr. Ostrower held several roles at Morgan Stanley, including
Associate Director of European Research and head of U.S. REIT
Equity Research. Mr. Ostrower was also a member of the Board
of Directors of Ramco-Gershenson Properties Trust from 2010 to
February 2015.
About DDR Corp.
DDR is an owner and manager of 319 value-oriented shopping
centers representing 106 million square feet in 35 states and
Puerto Rico. The Company owns a high-quality portfolio of
open-air shopping centers in major metropolitan areas that provide
a highly compelling shopping experience and merchandise mix for
retail partners and consumers. The Company actively manages its
assets with a focus on creating 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.
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SOURCE DDR Corp.