Excel Trust Names DDR Exec as CEO

Petherbridge has been with shopping center REIT DDR for eight years.

SAN DIEGO—The Blackstone-owned Excel Trust said Thursday evening it had named Luke Petherbridge, CFO and treasurer at DDR Corp., to be its new president and CEO. Simultaneously, Beachwood, OH-based DDR announced Petherbridge’s resignation, effective May 6, and the launch of a search for his successor.

Petherbridge’s boss at DDR, president and CEO David Oakes, says the outgoing CFO “will certainly be missed, but I am confident that the significant progress that he has helped us make with our deep finance team and our dramatically improved balance sheet and portfolio will ensure a seamless transition and will enable DDR to continue to execute on our strategic plan and create value for shareholders.” Oakes will also serve as interim CFO and treasurer until the shopping center REIT finds a full-time replacement for Petherbridge.