Developers Diversified says Hurwitz to succeed Wolstein as CEO come Jan. 1
9:13 am, November 9, 2009
The changing of the guard at Developers Diversified Realty Corp. (NYSE: DDR) is at hand. The real estate investment trust that specializes in shopping centers has announced Jan. 1 as the effective date for its previously announced management succession plan under which Daniel Hurwitz will succeed longtime CEO Scott Wolstein as the company's chief executive officer. Mr. Hurwitz, 45, has been president and chief operating officer of Developers Diversified since May 2007. He will retain the title of president after he assumes the post of CEO Developers Diversified said the current CEO, Mr. Wolstein, 57, will continue to serve in a leadership role at the company as executive chairman of the board. The company noted that Messrs. Hurwitz and Wolstein have worked together for more than 10 years “and their close collaboration will lead to a seamless transition.” Developers Diversified said Mr. Hurwitz in his new role “will be responsible for planning, formulating and coordinating the development and execution of corporate strategy, policies, goals and objectives.”
As executive chairman, Developers Diversified said, Mr. Wolstein “will work closely with Mr. Hurwitz to develop the company's strategic plan and will ensure the board of directors fulfills its oversight and governance responsibilities. “
“In addition, Mr. 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,” Developers Diversified said.
The succession plan was put into place after the Otto family of Germany made a significant investment in Developers Diversified.
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