Cleveland-based Developers Diversified Realty Corporation (NYSE:
DDR) announced that, effective January 1, 2010, Daniel B. Hurwitz will officially take over as President & Chief Executive Officer, succeeding Scott A. Wolstein, who will continue to serve as Executive Chairman of DDR's Board.
As President and CEO, Hurwitz will be responsible for planning, formulating and coordinating the development and execution of DDR's corporate strategy, policies, goals and objectives. As Executive Chairman, Wolstein will work closely with Hurwitz to develop DDR's strategic plan and will ensure the Board of Directors fulfills its oversight and governance responsibilities. In addition, Wolstein, on behalf of DDR, will maintain his historic capital markets and tenant relationships and will continue to serve on the company's Investment Committee.
Hurwitz joined DDR in 1999 as Executive Vice President and in May 2005, was promoted to Senior EVP and Chief Investment Officer. In May 2007, he became President and Chief Operating Officer and re-joined the Board of Director in June 2009. Prior to DDR, Hurwitz served as Senior Vice President and Director of Real Estate and Corporate Development for Boscov's Department Store; and prior to that, he served as Development Director for the Shopco Group, a New York City-based developer and acquirer of regional and super regional shopping malls.
Hurwitz is a graduate of Colgate University and the Wharton School of Business Management Program at the University of Pennsylvania. He also serves on the Boards of U-Store-It Trust (NYSE:
YSI), the International Council of Shopping Centers, Colgate University and Regents for the University System of Ohio.
In his new role, Mr. Hurwitz will be responsible for planning, formulating and coordinating the development and execution of corporate strategy, policies, goals and objectives. This role is accountable for Company performance and reports directly to the Board of Directors.
Wolstein has served as Chief Executive Officer and a Director of DDR since its organization in 1992 and has been Chairman of the Board since May 1997. Prior to DDR, Wolstein was a principal and executive officer of Developers Diversified Group, the REIT's predecessor.
Wolstein is a graduate of the Wharton School at the University of Pennsylvania and the University of Michigan Law School. He is currently a member of the Board of Governors and Executive Committee of the National Association of Real Estate Investment Trusts (NAREIT); Board of Directors of the Real Estate Roundtable; Board of Trustees of Case Western Reserve University; and the Executive Committee and Board of Trustees of the Zell-Lurie Wharton Real Estate Center.
This article appears in CoStar's Retail News Roundup: Nov. 8 - 14, 2009
This week in the Retail Roundup, CoStar reports on
expansions or new concepts at Sports Fan Attic and Bajio Mexican Grill;
closings, cutbacks, defaults, or bankruptcy news at Waldenbooks;
acquisition, merger, loan, sale, or IPO activity at Crown Acquisitions, Goldman Properties and The Feil Organization, Blackstone and Glimcher, Coventry and DDR, Equity One, Kimco and DRA Advisors, KKR and Dollar General, Iconix and Ecko, and Landry's Restaurants;
new retail development news in MD;
personnel or corporate announcements at Wal-Mart and ICSC, and Developers Diversified;
sustainability and green building news at Food Lion; and more.