The revolving executive door continues to spin at DDR Corp. The firm announced that David Lukes has been named President and Chief Executive Officer of the Company to replace Tom August, who has stepped down. In addition, Mr. Lukes has been named to the DDR Board of Directors.
Also joining DDR are Michael Makinen who will serve as Executive Vice President and Chief Operating Officer and Matthew Ostrower who will serve as Executive Vice President, Chief Financial Officer, and Treasurer.
The trio were let go by Regency Centers when it acquired the REIT they were running, Equity One, late last year.
Vincent Corno, who has been overseeing DDR's retail leasing portfolio, is out.
Terrence R. Ahern, chairman of the DDR Board of Directors stated, "One of DDR's key objectives over the past year has been to ensure long-term management succession. As a result, the Board and Tom were in agreement and very pleased when the opportunity arose to have David, Mike and Matt join DDR. We believe that, with the addition of David and his team, the Company is well positioned to continue to successfully navigate today's dynamic retail and capital markets environment. Of course, the Board is grateful to Tom for his invaluable leadership and guidance during this period of transition and thanks him for his outstanding service to the Company."
Ahern added, "The depth of knowledge, experience and expertise of David, Mike and Matt – in conjunction with the other strategic initiatives the Company has underway - will lay the ground work for the success of DDR for years to come."
Tom August, outgoing CEO and DDR Board Member stated, "I am proud of what DDR has accomplished over the past year, especially our balance sheet progress and ongoing portfolio transformation. I am also extremely pleased to have worked with the Board to execute a strong, sustainable management succession plan. I am leaving DDR in very capable hands."
"Mike, Matt and I are extremely excited to join DDR. We believe that the Company's transformed portfolio, its high quality employees and strong operating platform provide a foundation for driving sustainable long-term value for our shareholders," said David Lukes.
David Lukes served as CEO of Equity One from June 2014 to March 2017. Prior to joining Equity One, he served as President and CEO of Sears Holdings Corporation affiliate Seritage Realty Trust. Mr. Lukes also previously served as President and CEO of Olshan Properties (formerly Mall Properties, Inc.) as well as Chief Operating Officer of Kimco Realty Corporation.
Mike Makinen served as Executive Vice President and Chief Operating Officer of Equity One from July 2014 to March 2017. Prior to joining Equity One, Mr. Makinen served as Chief Operating Officer of Olshan Properties. Mr. Makinen also previously served as the head of real estate and development with several major retailers.
Matthew Ostrower served as Executive Vice President, Chief Financial Officer and Treasurer of Equity One from March 2015 to March 2017. Prior to joining Equity One, Mr. Ostrower held several roles at Morgan Stanley, including Associate Director of European Research and head of U.S. REIT Equity Research. Mr. Ostrower was also a member of the Board of Directors of Ramco-Gershenson Properties Trust from 2010 to February 2015.