Developers Diversified Realty Corp. (DDR), a real estate investment trust, Monday announced the appointment of Daniel Hurwitz as Chief Executive Officer, effective on January 1, 2010. Hurwitz will succeed Scott Wolstein, who will continue to serve the company as Executive Chairman.
Hurwitz has been serving as President and Chief Operating Officer of the company since May 2007. After assuming the new officer, he will be responsible for planning, formulating and coordinating the development and execution of corporate strategy, policies, goals and objectives. He will be accountable for the company's performance and will report directly to the board of directors.
In 1999, Hurwitz was recruited to the company as Executive Vice President to oversee its core revenue departments and management of the various disciplines related to the day-to-day operations of the company. He had served as Senior Executive Vice President and Chief Investment Officer from May 2005 and as Executive Vice President from June 1999 through April 2005. Hurwitz joined the board of directors in June 2009 and previously served on the board from May 2002 to May 2004.
Before joining Developers Diversified, Hurwitz was working with Boscov's Department Store, Inc. as Senior Vice President and Director of real estate and corporate development. Prior to Boscov's, Hurwitz served the Shopco Group, a New York City-based developer and acquirer of regional and super regional shopping malls, as development director.
The company said Wolstein will work closely with Hurwitz to develop strategic plan. He will have the responsibility to ensure the board fulfills its oversight and governance. Further, he will maintain his historic capital markets and tenant relationships and will continue to serve on the company's investment committee.
Since its organization in 1992, Wolstein has served Developers Diversified as CEO and a director. He has been the Chairman of the company since 1997. Before the organization of the company, Wolstein was a principal and executive officer of Developers Diversified Group, the company's predecessor.
DDR is currently trading at $8.34, up 0.43 or 5.44%, on a volume of 2.22 million shares on the NYSE.
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