Developers Diversified Realty Corporation Announces Leadership Transition

Strategic Insights -

Daniel B. Hurwitz, a 20-year real estate industry veteran, has been appointed President & Chief Executive Officer of Developers Diversified Realty Corporation, replacing Scott A. Wolstein, who will assume the role of Executive Chairman of the Board. This strategic transition marks a significant milestone in the Company's history, with Hurwitz and Wolstein's collaborative partnership ensuring a seamless handover. In his new position, Hurwitz will oversee the development and execution of corporate strategy, policies, and objectives, reporting directly to the Board of Directors. Wolstein, with his extensive industry expertise, will continue to play a vital role in shaping the Company's strategic plan and maintaining key relationships with capital markets and tenants.

Key Takeaways:

  • Daniel B. Hurwitz, 45, has been appointed President & Chief Executive Officer of Developers Diversified Realty Corporation, succeeding Scott A. Wolstein as of January 1, 2010.
  • Hurwitz has served the Company in various roles since 1999, including Executive Vice President, President & Chief Operating Officer, and Senior Executive Vice President and Chief Investment Officer.
  • Wolstein, 57, will assume the role of Executive Chairman of the Board, utilizing his expertise to develop the Company's strategic plan and maintain key relationships.
  • Hurwitz and Wolstein have worked together as partners for over 10 years, ensuring a smooth transition and continued collaboration in their new roles.
  • As Executive Chairman, Wolstein will continue to serve on the Company's Investment Committee and maintain his capital markets and tenant relationships.
  • Hurwitz brings a wealth of experience to his new position, having served on the Board of Directors since June 2009 and previously from May 2002 to May 2004.
  • Prior to joining Developers Diversified, Hurwitz served as Senior Vice President and Director of Real Estate and Corporate Development for Boscov's Department Store, Inc.
  • Wolstein has been a key figure in the Company's history, serving as Chief Executive Officer and Director since its organization in 1992.

Statistics:

  • 670 retail operating and development properties owned and managed by Developers Diversified across 44 states, Brazil, Canada, and Puerto Rico.
  • Total portfolio size exceeds 148 million square feet, featuring open-air, value-oriented neighborhood and community centers, mixed-use centers, and lifestyle centers.
  • The Company is the largest landlord in Puerto Rico and owns a premier portfolio of regional malls in and around Sao Paulo, Brazil.
  • Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company.

Sources:

  • [Developers Diversified Realty Corporation Press Release, January 1, 2010]
  • [Company website: www.ddr.com]
  • [Bio of Daniel B. Hurwitz]
  • [Bio of Scott A. Wolstein]