Management shakeup at DDR; August is named CEO

DDR fired president and CEO David Oakes and replaced him with 40-year industry veteran Thomas August. A company press release says Oakes’ termination was unrelated to financial or operating results.



DDR turned to a seasoned industry veteran in replacing the 38-year-old Oakes. August, 68, was president and CEO of Equity Office Property Trust from 2010 to 2015 and served as its chairman from October 2009 to July 2010. He earlier served in the same positions at Prentiss Properties Trust from 1996 until its acquisition in 2006.



August, who joined DDR as a board member in May, agreed to a three-year employment agreement.



DDR also announced that Vincent Corno, most recently senior VP of real estate at Dick’s Sporting Goods will join the company as executive VP of leasing and development. He replaces Paul Freddo, who will remain at DDR at least through the end of the year.



Oakes will receive no severance compensation, according to a regulatory filing made by DDR, though he was eligible for it under his employment agreement under specified circumstances. His annual salary was $750,000.