DDR Corp. Changes CEO

Following the termination of David Oakes, the Beachwood, Ohio-based retail REIT appointed a new CEO and announced two additional assignments.
Tom August, President & CEO, DDR Corp. (Photo credit: DDR Corp.)
Tom August, President & CEO, DDR Corp. (Photo credit: DDR Corp.)

Cleveland—Beachwood, Ohio-based DDR Corp. recently announced the naming of Thomas August as president & CEO, effective immediately. The change comes after the termination of former President, CEO and Interim CFO David Oakes.

Currently chairman of DCT Industrial Trust, a Denver-headquartered industrial REIT, August is a real estate veteran, holding more than four decades of experience in the field. His 40-year track record includes executive roles with Blackstone Group’s Equity Office Property Trust and with office REIT Prentiss Property Trust. Previous positions also include stints with Cadillac Fairview Urban Development, Oxford Properties and Citibank. August holds a BA degree from Brandeis University and an MBA from Boston University.

“Tom has twice successfully led large real estate platforms—one in the public market and one in the private market. Both platforms were best-in-class and rewarding to the companies’ shareholders,” said Terrance Ahern, DDR chairman, in a prepared statement.

The company announced two additional assignments. Vincent Corno, a 24-year real estate veteran,  will join DDR as EVP of leasing & development. Christa Vesy, currently serving as EVP & chief accounting officer, has been named interim CFO. Both will report to Thomas August.

Publicly-traded DDR Corp., a self-administered and self-managed real estate investment trust, owns and manages almost 350 shopping centers in 37 states and Puerto Rico, with the portfolio adding up to 113 million square feet.

Image courtesy of DDR Corp.