BEACHWOOD, Ohio, Feb. 11, 2015 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced that its Board of Directors has appointed David J. Oakes to the role of chief executive officer and as a member of the Board of Directors, effective immediately.
"After a thorough and robust search process, the Board is confident that David is the right person to lead DDR into the future," said Chairman Terry Ahern. "I also want to thank the team for the terrific job that they have done while the Board conducted the search process," added Mr. Ahern.
"I am excited about the opportunity to be the CEO of DDR," remarked Mr. Oakes. "With a focus on excellence in execution, our team looks forward to continued success for DDR and its stakeholders."
Mr. Oakes assumed the role of president and chief financial officer in January 2013, and previously served as senior executive vice president and chief financial officer since February 2010. He also served as chief investment officer since April 2007. During his tenure at DDR, he has overseen the Company's capital markets, transactions, budgeting, tax, investor relations, funds management, accounting, corporate governance, and compensation and benefits functions. Prior to working at DDR, Mr. Oakes served as senior vice president and portfolio manager at Cohen & Steers Capital Management, and as a research analyst at Goldman Sachs. He earned his bachelor's degree at Washington University in St. Louis and is a CFA charterholder.
About DDR Corp.
DDR is an owner and manager of 415 value-oriented shopping centers representing 118 million square feet in 41 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, as well as on Twitter, LinkedIn and Facebook.
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; constructing properties or expansions that produce 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; 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, 2013, as amended. 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.