Developers Diversified Realty Corporation to Name David J. Oakes Interim Chief Financial Officer

Developers Diversified and William (Bill) H. Schafer mutually agree to conclude his employment as executive vice president & chief financial officer

Jan 26, 2010, 16:30 ET from Developers Diversified Realty Corporation

BEACHWOOD, Ohio, Jan. 26 /PRNewswire-FirstCall/ -- Developers Diversified Realty Corporation (NYSE: DDR) today announced William H. Schafer and the Company have mutually agreed that Mr. Schafer would conclude his employment effective February 15, 2010. The Company also announced it will name David J. Oakes as interim chief financial officer and a search for a permanent replacement is ongoing.

Developers Diversified president & chief executive officer, Daniel B. Hurwitz, said, "Bill has been with DDR for 18 years and his contributions are innumerous. We wish Bill all the best in his future endeavors and know he will continue to be a friend of our Company."

Bill Schafer said, "Developers Diversified is an outstanding organization and I am pleased to have played such a significant role in the growth of the Company over the past two decades. I wish everyone at Developers Diversified continued success."

Mr. Schafer's departure was not related to the Company's financial or operating results or to any disagreements or concerns regarding the Company's financial or reporting practices.

Effective February 15, 2010 David J. Oakes will serve as interim chief financial officer in addition to his regular duties as senior executive vice president of finance & chief investment officer. Mr. Oakes has been with the company since 2007 and has served in increasing roles of responsibility. Prior to joining Developers Diversified, Mr. Oakes served as senior vice president and portfolio manager at Cohen & Steers Capital Management. In his role, he oversaw the firm's global and international real estate securities portfolios for the oldest and largest dedicated real estate securities fund manager. Previously he worked as a research analyst in global investment research at Goldman Sachs, where he covered U.S. REITs.

About Developers Diversified Realty

Developers Diversified owns and manages approximately 665 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 147 million square feet, the Company's shopping center portfolio features open-air, value-oriented neighborhood and community centers, mixed-use centers and lifestyle centers located in prime markets with stable populations and high-growth potential. Developers Diversified is the largest landlord in Puerto Rico and owns a premier portfolio of regional malls in and around Sao Paulo, Brazil. Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company. Additional information about the Company is available on the Internet at

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