BEACHWOOD, OH—Two days after the closing on Equity One's merger with and into Regency Centers Corp., Equity One's former CEO has taken the reins at DDR Corp. David Lukes has been named president and CEO at DDR, replacing Tom August, who has stepped down after less than a year.

Lukes, who has also been named to the Beachwood, OH-based shopping center REIT's board of directors, has brought two former Equity One colleagues with him to his new employer. Michael Makinen, formerly COO at Equity One, has joined DDR in the same capacity, while Equity One CFO Matthew Ostrower has joined DDR as CFO and treasurer.

Friday's announcement represents the third transition in the REIT's top spot in less than three years. Following the departure of Daniel Hurwitz at the end of 2014, David Oakes served first as interim CEO and then as permanent CEO before being terminated last July, a move that DDR said was unrelated to the company's performance. August then succeeded Oakes, two months after the 40-year veteran of commercial real estate was named to the DDR board.

“One of DDR's key objectives over the past year has been to ensure long-term management succession,” says board chairman Terrence R. Ahern. “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.”

August says he's proud of what the REIT 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.”

Before joining Equity One in June '14, Lukes served as president and CEO of Seritage Growth Properties, the REIT spun off from Sears Holdings Corp. He also previously served as president and CEO of Olshan Properties and as COO of Kimco Realty Corp. The incoming CEO at DDR says the REIT's “transformed portfolio, its high quality employees and strong operating platform provide a foundation for driving sustainable long-term value for our shareholders.”

Instant Insights /

DDR Taps Former Equity One CEO

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