BEACHWOOD, Ohio, July 11, 2016 /PRNewswire/ -- DDR Corp. (NYSE: DDR) announced today that DDR Board member Thomas F. August was named President & Chief Executive Officer, effective immediately. The appointment of Mr. August follows the termination of David J. Oakes as President & Chief Executive Officer and as interim Chief Financial Officer. Mr. Oakes' termination 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.
Mr. August is currently Chairman of the Board of DCT Industrial Trust Inc. (NYSE: DCT), an industrial real estate investment trust (REIT), and is a 40-year veteran of the real estate industry with extensive experience leading all facets of finance, investment and operational activities.
Mr. August previously served as President and Chief Executive Officer of Equity Office Property Trust (EOP) from July 2010 until the end of 2015 and served as its Chairman from October 2009 to July 2010. EOP is a REIT controlled by The Blackstone Group and is one of the largest owners and managers of office properties in the United States. Mr. August also previously served as President, Chief Executive Officer, and a Trustee of Prentiss Properties Trust, an office REIT, from 1996 until its acquisition in 2006. In addition, he held other executive roles, including Chief Financial Officer, at Prentiss beginning in 1987.
"I am very pleased to have Tom join DDR as our CEO," said Terrance R. Ahern, Chairman of the Board of Directors of DDR. "Tom has twice successfully led large real estate platforms – one in the public market and one in the private market. Both platforms were best-in-class and rewarding to the companies' shareholders. We're excited to have him lead DDR."
In addition, the Company announced two other changes to its executive management team:
- Vincent A. Corno, a 24-year veteran of the real estate industry, will join the Company as Executive Vice President of Leasing and Development, effective today, reporting to Mr. August. Mr. Corno will work closely with Paul Freddo, Senior Executive Vice President, in connection with the transition of Mr. Freddo's responsibilities, which the Company anticipates will extend beyond the end of 2016.
- Christa A. Vesy, currently serving as DDR's Executive Vice President & Chief Accounting Officer, has been named Interim Chief Financial Officer, effective immediately. Ms. Vesy will report to Mr. August.
Mr. Corno most recently served as Senior Vice President - Real Estate for DICK'S Sporting Goods, Inc. (NYSE: DKS) and previously as Senior Vice President of Real Estate with Saks Incorporated and as Senior Vice President with The May Department Stores Company. He also held the position of Vice President of Development with Forest City Enterprises. Mr. Corno, who earned his undergraduate and juris doctor degrees at St. Louis University, is also a licensed attorney and a certified public accountant.
Ms. Vesy became Executive Vice President & Chief Accounting Officer of DDR in 2012, with responsibility for overseeing the property and corporate accounting and financial reporting functions. Before joining the Company as Senior Vice President & Chief Accounting Officer in 2006, she worked for The Lubrizol Corporation and the Assurance and Business Advisory Services group of PricewaterhouseCoopers LLP. Ms. Vesy graduated with a Bachelor of Science degree in business administration from Miami University in Oxford, Ohio and is a certified public accountant.
Mr. August commented, "We are pleased to welcome Vince and Christa to their new roles. We are excited to have Vince join DDR with his varied experience and perspective as a real estate executive for several first-class retailers. Christa's deep knowledge of the Company's accounting and financial operations make her a perfect fit to serve as interim CFO."
About DDR Corp.
DDR is an owner and manager of 349 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.
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SOURCE DDR Corp.