BEACHWOOD, Ohio, Sept. 11, 2014 /PRNewswire/ -- DDR Corp. (NYSE: DDR) announced today that Chief Executive Officer Daniel B. Hurwitz and the Board of Directors have agreed not to renew his employment agreement, which expires December 31, 2015. It is anticipated that Mr. Hurwitz will remain CEO through 2015 to facilitate a smooth leadership transition as the Company continues to execute its strategic plan.
"For more than 15 years, Dan has played key roles in DDR's strategy of building a high quality operating platform, prime portfolio and strong balance sheet," said Terrance R. Ahern, Chairman of the Board. "We thank him for his many contributions."
Mr. Hurwitz became CEO on January 1, 2010. He had served as President & Chief Operating Officer of the Company from May 2007 through December 2009, as Senior Executive Vice President and Chief Investment Officer from May 2005 to May 2007, Executive Vice President of Leasing & Development from April 2002 to May 2005, and as Executive Vice President of Leasing from June 1999 through April 2002. He joined the Company's Board of Directors in June 2009.
"I couldn't be prouder of what our team accomplished at DDR over the past several years," said Mr. Hurwitz. "Together, we have made great strides toward becoming an industry leader. DDR's next CEO will inherit a high-quality portfolio of assets operated by even higher-quality people. I am confident that DDR's best days are yet to come."
Mr. Ahern said a committee of the Board will engage an executive search firm and consider internal and external candidates to succeed Mr. Hurwitz.
About DDR Corp.
DDR is an owner and manager of 390 value-oriented shopping centers representing 108 million square feet in 39 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, including the ability of the joint venture between DDR and Blackstone to successfully complete the acquisition of the portfolio from American Realty Capital Properties, Inc.; 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.