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Developers Diversified Realty (DDR) Appoints Hurwitz to Pres. and CEO; Will Replace Wolstein

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November 9, 2009 8:58 AM EST

Developers Diversified Realty Corporation (NYSE: DDR) today announced an effective date of January 1, 2010, for its previously announced management succession strategy appointing Daniel B. Hurwitz, 45, President & Chief Executive Officer, succeeding Scott A. Wolstein, 57, who will continue to serve in a leadership role at the Company as Executive Chairman of the Board. Messrs. Hurwitz and Wolstein have worked together as partners for more than 10 years and their close collaboration will lead to a seamless transition.

In his new role, Mr. Hurwitz will be responsible for planning, formulating and coordinating the development and execution of corporate strategy, policies, goals and objectives. This role is accountable for Company performance and reports directly to the Board of Directors.

Mr. Wolstein graduated cum laude from both the Wharton School at the University of Pennsylvania and the University of Michigan Law School. He is currently a member of the Board of Governors and Executive Committee of the National Association of Real Estate Investment Trusts (NAREIT); Board of Directors of the Real Estate Roundtable; Board of Trustees of Case Western Reserve University; and the Executive Committee and Board of Trustees of the Zell-Lurie Wharton Real Estate Center. In addition, Mr. Wolstein is a four-time recipient of the Realty Stock Review's Outstanding CEO Award.