DDR Corp. (DDR) Tops Q1 EPS by 1; CFO Petherbridge to Step Down

DDR Corp. (NYSE: DDR) reported Q1 EPS of $0.31, $0.01 better than the analyst estimate of $0.30.

DDR also announced that Chief Financial Officer and Treasurer Luke J. Petherbridge will step down from his role effective May 6, 2016, in order to assume the position of president and chief executive officer of Excel Trust, a retail REIT owned by a fund affiliated with Blackstone Real Estate.

"I want to thank Luke for his eight years of service to DDR, initially running our joint venture with MDT and more recently leading DDR's capital markets and transactional efforts. He will certainly be missed, but I am confident that the significant progress that he has helped us make with our deep finance team and our dramatically improved balance sheet and portfolio will ensure a seamless transition and will enable DDR to continue to execute on our strategic plan and create value for shareholders," commented David J. Oakes, president and chief executive officer.

The Company has commenced a search process for Mr. Petherbridge's replacement, which is expected to include internal and external candidates. David J. Oakes will also serve as chief financial officer and treasurer on an interim basis until a successor is appointed following Mr. Petherbridge's resignation, effective May 6, 2016.

GUIDANCE:

DDR Corp. sees FY2016 EPS of $1.20-$1.25, versus prior guidance of $1.19-$1.25.

For earnings history and earnings-related data on DDR Corp. (DDR) click here.

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