Developers Diversified Realty Corp. announces change in CFO post
5:13 pm, January 26, 2010
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Developers Diversified Realty Corp. (NYSE: DDR) is changing another key position in its management ranks.
The shopping center owner and developer said its chief financial officer, William H. Schafer, will conclude his employment with the company effective Feb. 15. Replacing Mr. Schafer on an interim basis is David J. Oakes, who will serve as CFO in addition to his regular duties as senior executive vice president of finance and chief investment officer.
Developers Diversified said a search for Mr. Schafer's replacement is in progress.
The announcement comes less than a month after David Hurwitz assumed the CEO post at Developers Diversified from longtime chief executive Scott Wolstein.
Developers Diversified said Mr. 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.”
Mr. Oakes has been with the company since 2007 and has served in increasing roles of responsibility. Prior to joining Developers Diversified, Mr. Oakes was a senior vice president and portfolio manager at Cohen & Steers Capital Management.
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