Equity One team named to lead DDR
Equity One CEO David Lukes has accepted the chief executive’s position at DDR Corp., it has been announced in a press release from DDR. Equity One was acquired by Regency Centers in November to form the largest REIT focused on shopping center development.
Two of Lukes' lieutenants at Equity One will join him in leading the Beachwood, Ohio-based company. COO Michael Makinen and CFO Matthew Ostrower will perform the same roles at DDR.
Outgoing DDR CEO Tom August, another former Equity One chief executive, had served as a placeholder since the termination DDR CEO David Oakes last July.
This makes the fourth CEO job held by Lukes since 2010, having led Mall Properties and Seritage Realty Trust before taking the helm at Equity One. He previously spent eight years at Kimco Realty Corp., exiting there as executive VP and COO.
"One of DDR's key objectives over the past year has been to ensure long-term management succession,” commented Terrence R. Ahern, chairman of the DDR Board of Directors. The board and Tom were in agreement and very pleased when the opportunity arose to have David, Mike and Matt join DDR.”
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