Real estate investment trust Developers Diversified Realty Corp. (DDR), Tuesday, said its executive vice president and chief financial officer William Schafer would conclude his employment effective February 15, 2010. The company also stated that it will name David Oakes as interim chief financial officer and a search for a permanent replacement is ongoing.
According to Developers Diversified, Schafer has been with the company for 18 years. Schafer's departure 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.
Oakes will serve as interim chief financial officer from February 15 in addition to his regular duties as senior executive vice president of finance and chief investment officer. Oakes has been with the company since 2007 and has served in increasing roles of responsibility.
Prior to joining Developers Diversified, Oakes served as senior vice president and portfolio manager at Cohen & Steers Capital Management. In this role, he oversaw the firm's global and international real estate securities portfolios. He also worked as a research analyst in global investment research at Goldman Sachs, where he covered U.S. REITs.
DDR closed Tuesday's trading at $8.51, down $0.22, on a volume of 2.44 million shares.
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