Developers Diversified Realty Corporation Names David J. Oakes Senior Executive Vice President & Chief Financial Officer
February 18 2010 - 5:00PM
PR Newswire (US)
BEACHWOOD, Ohio, Feb. 18 /PRNewswire-FirstCall/ -- Developers
Diversified Realty Corporation (NYSE:DDR) today announced the
appointment of David J. Oakes as senior executive vice president
& chief financial officer. Mr. Oakes had most recently served
as senior executive vice president of finance, chief investment
officer & interim chief financial officer. Developers
Diversified president & chief executive officer, Daniel B.
Hurwitz, commented, "After an extensive national search and meeting
an extremely talented pool of candidates, it became patently
obvious that the most qualified candidate was David. Over the past
18 months he has developed and executed the restructuring strategy
for our balance sheet, raised over $2 billion of capital, has
emerged as an internal leader and is widely respected by the
investing and lending communities. I have valued my partnership
with him as CIO and look forward to his continued prudent financial
leadership as CFO." Mr. Oakes commented, "I am honored by this
appointment and excited by the opportunity to take even greater
responsibility within this high-quality organization. We have made
great strides during the past year, particularly related to
strengthening the balance sheet, and I am very enthusiastic about
our opportunities to continue to improve and generate strong
shareholder returns with a reduced risk profile." As chief
financial officer, Mr. Oakes will have primary responsibility for
the capital markets, budgeting, tax, investor relations, property
and corporate accounting, audit, and external reporting functions.
He will continue to serve on the Company's executive, compensation
and management committees, and chair the investment committee. In
Developers Diversified's continued effort to attract and retain
high quality talent, a search for Mr. Oakes successor as the
Company's senior investment officer has commenced. Mr. Oakes joined
Developers Diversified as executive vice president of finance &
chief investment officer in April 2007. Mr. Oakes was promoted to
senior executive vice president of finance & chief investment
officer in December 2008. 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 research analyst in global
investment research at Goldman Sachs, where he covered U.S. REITs.
Mr. Oakes earned his bachelor's degree at Washington University in
St. Louis and is a Chartered Financial Analyst (CFA). He is a
member of the International Council of Shopping Centers (ICSC) and
the New York Society of Securities Analysts. 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 http://www.ddr.com/. DATASOURCE: Developers
Diversified Realty Corporation CONTACT: MEDIA: Scott Schroeder,
Vice President of Marketing and Corporate Communications,
INVESTORS: Kate Deck, Investor Relations Director, both of
Developers Diversified +1-216-755-5500 Web Site:
http://www.ddr.com/
Copyright
Developers Realty (NYSE:DDR)
Historical Stock Chart
From May 2024 to Jun 2024
Developers Realty (NYSE:DDR)
Historical Stock Chart
From Jun 2023 to Jun 2024