DDR Terminates Its CEO David Oakes; Names Thomas August President & CEO

(RTTNews) - DDR Corp. (DDR) announced that its Board member Thomas August was appointed as President & Chief Executive Officer, effective immediately. The appointment of Mr. August follows the termination of David Oakes as President & Chief Executive Officer and as interim Chief Financial Officer.

The company noted that Oakes' termination was not related to the Company's financial or operating results or to any disagreements or concerns regarding the Company's financial or reporting practices.

Mr. August is currently Chairman of the Board of DCT Industrial Trust Inc. (DCT), an industrial real estate investment trust (REIT), and is a 40-year veteran of the real estate industry with extensive experience leading all facets of finance, investment and operational activities.

Mr. August previously served as President and Chief Executive Officer of Equity Office Property Trust (EOP) from July 2010 until the end of 2015 and served as its Chairman from October 2009 to July 2010.

Vincent A. Corno, a 24-year veteran of the real estate industry, will join the Company as Executive Vice President of Leasing and Development, effective today, reporting to Mr. August. Mr. Corno will work closely with Paul Freddo, Senior Executive Vice President, in connection with the transition of Mr. Freddo's responsibilities, which the Company anticipates will extend beyond the end of 2016.

Christa A. Vesy, currently serving as DDR's Executive Vice President & Chief Accounting Officer, has been named Interim Chief Financial Officer, effective immediately. Ms. Vesy will report to Mr. August.