BEACHWOOD, OH—DDR Corp.'s CEO, Daniel Hurwitz, will step down from the position he has held for the past four years, the shopping center REIT said Thursday afternoon. Hurwitz and DDR's board have agreed not to renew his employment agreement, which expires Dec. 31, 2015, although it's expected that he will stay on as CEO until then to ensure a smooth transition.

For more than 15 years, says DDR's board chairman, Terrance R. Ahern, Hurwitz “has played key roles in DDR's strategy of building a high quality operating platform, prime portfolio and strong balance sheet. We thank him for his many contributions.”

Before taking the CEO chair on Jan. 1, 2010. Hurwitz had been president and COO for two and a half years. He served as SVP and CIO from May 2005 to May 2007, EVP of leasing & development from April 2002 to May 2005 and as EVP of leasing for three years prior to that. He joined DDR's board in June 2009.

Hurwitz says he “couldn't be prouder of what our team accomplished at DDR over the past several years. Together, we have made great strides toward becoming an industry leader. DDR's next CEO will inherit a high-quality portfolio of assets operated by even higher-quality people. I am confident that DDR's best days are yet to come.”

A board committee will engage an executive search firm and consider both internal and external candidates to succeed Hurwitz.