DDR Corp. elevates CFO to CEO job

DDR Corp.'s board of directors has promoted David Oakes to the chief executive officer post.

Oakes, the company's president and chief financial officer, fills a seat left empty by Daniel Hurwitz, who stepped down as CEO in December.

"After a thorough and robust search process, the board is confident that David is the right person to lead DDR into the future," Terry Ahern, the company's chairman, said. "I also want to thank the team for the terrific job that they have done while the board conducted the search process."

Oakes, 36, joined DDR in 2007 as executive vice president of finance and chief investment officer. In 2010, he became chief financial officer.

"I am excited about the opportunity to be the CEO of DDR," Oakes said. "With a focus on excellence in execution, our team looks forward to continued success for DDR and its stakeholders."

DDR owns and manages 415 shopping centers in the United States and Puerto Rico.