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.
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.
SOURCE DDR Corp.