Developers Diversified Realty Corp (DDR) announced an effective date of January 1, 2010, for its previously announced management succession strategy appointing Daniel Hurwitz, President & Chief Executive Officer, succeeding Scott Wolstein, who will continue to serve in a leadership role at the Company as Executive Chairman of the Board.
In his new role, Hurwitz will be responsible for planning, formulating and coordinating the development and execution of corporate strategy, policies, goals and objectives. This role is accountable for Company performance and reports directly to the Board of Directors.
As Executive Chairman, Wolstein will work closely with Hurwitz to develop the Company's strategic plan and will ensure the Board of Directors fulfills its oversight and governance responsibilities. In addition, Wolstein, on behalf of the Company, will maintain his historic capital markets and tenant relationships and will continue to serve on the Company's Investment Committee.
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