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CLEVELAND-Developers Diversified Realty Corp. has shifted its management team appointing Daniel Hurwitz as the company’s president and CEO. Hurwitz will replace Scott Wolstein, who has been in the role of CEO since 1992, at the beginning of the new year.

Wolstein will continue as executive chairman of the board. He has been chairman of the board since May 1997. A spokesperson for the company says this move is part of the previously announced changes and is not a sudden decision.

In 1999 Hurwitz joined DDR as the executive vice president. In that position he was responsible for overseeing the company’s core revenue departments and managing several areas of the day-to-day operations. In April 2005 he became the CIO, then in May 2007 Hurwitz was named president and COO. Since June he has served on the company’s board of directors, a position he also held from May 2002 to May 2004.

In his new position, “Hurwitz will be responsible for planning, formulating and coordinating the development and execution of corporate strategy, policies, goals and objectives,” according to a company release on the appointment.

As GlobeSt.com previously reported, DDR posted a $90.1 million FFO loss for the third quarter, seeing a $0.54 decline per diluted share for stockholders.

According to previous rumors and reports this morning, DDR is selling a $400 million commercial mortgage-backed securities bond. Goldman Sachs is underwriting the three-tranche deal, which is backed by 28 DDR properties. The largest tranche, worth $323.5 million, is triple-A rated for 4.69 years. The sale will be eligible for the second round of TALF and would be the first debt sale since June 2008.

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