DDR Corp. CEO to leave at end of 2015

Leading shopping center owner and operator DDR Corp. announced that CEO Daniel B. Hurwitz and the board of directors have decided not to renew his employment agreement, which expires December 31, 2015. It is anticipated that Hurwitz will remain CEO through 2015 to ensure a smooth leadership transition.



"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."



Hurwitz became CEO on January 1, 2010. He had served as president and chief operating officer of the company from May 2007 through December 2009, as senior EVP and chief investment officer from May 2005 to May 2007, EVP of leasing and development from April 2002 to May 2005, and as EVP 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 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."



The company will engage an executive search firm and consider internal and external candidates to succeed Hurwitz.



DDR is an owner and manager of 390 value-oriented shopping centers representing 108 million sq. ft. in 39 states and Puerto Rico.