BEACHWOOD, OH—David J. Oakes, who assumed the role of principal executive officer at DDR Corp. after CEO David Hurwitz stepped down at year's end, now takes Hurwitz's job on a permanent basis. The shopping center REIT said Wednesday that its board of directors had appointed Oakes as CEO and also named him to the board.

Chairman Terry Ahern says Oakes got the job “after a thorough and robust search process” that concluded that the in-house candidate was “the right person to lead DDR into the future.” However, the Cleveland Plain Dealer reported last September that Oakes was already seen as a favorite by analysts to succeed Hurwitz, who originally announced that he would leave at the end of 2015. Analysts at SunTrust Robinson Humphrey Inc. called Oakes the “logical choice” to succeed Hurwitz, the Plain Dealer reported.

DDR did not say who would be taking on Oakes' duties as president and CFO, tandem titles he had held since January 2013. He continued to serve in both capacities while acting as the REIT's interim chief after Hurwitz's resignation. A DDR spokesman did not respond to GlobeSt.com's requests for information by early afternoon Wednesday.

Before becoming president at DDR, Oakes served as senior EVP and CFO for three years prior. He had also served as CIO since April 2007. Before joining DDR, Oakes served as SVP and portfolio manager at Cohen & Steers Capital Management, and as a research analyst at Goldman Sachs.

Last month, the Blackstone Group announced that it was partnering with Raider Hill Advisors, a company formed by Hurwitz. Senior managing director Nadeem Meghji said, “We could not be more pleased to form this partnership with Raider Hill. We are significant investors in shopping centers both in the US and internationally, and will take advantage of Dan's extensive experience and track record as the CEO of DDR.”

Instant Insights /

Oakes Takes DDR Reins, Succeeding Hurwitz

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