DDR Corp. has named David Lukes, former CEO at Equity One, Inc., as its president and CEO, with a seat on its board of directors, replacing Thomas August. Also hired were two other Equity executives: Former Chief Operating Officer Michael Makinen now has that title with DDR, and Matthew Ostrower, former chief financial officer becomes DDR’s CFO and treasurer.
Regency Centers closed on its acquisition of Equity One Thursday, under a merger deal announced in November.
"One of DDR's key objectives over the past year has been to ensure long-term management succession," Terrence Ahern, chairman of the board, said in a prepared company statement. "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, who was also a DDR board member stated, "I am proud of what DDR 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."