Feb. 15, 2011 (PR Newswire) --
BEACHWOOD, Ohio, Feb. 15, 2011 /PRNewswire/ -- The Developers Diversified Realty Corporation (NYSE: DDR) Board of Directors today announced the company and Scott A. Wolstein have agreed he will step down from the role of Executive Chairman of the Board of Directors.
Mr. Wolstein co-founded Developers Diversified Realty with his father in 1992 and led the company's successful IPO in February of the following year. At the time the company was a relatively small enterprise with approximately $400 million in assets with a portfolio comprised predominantly of Kmart-anchored shopping centers in the eastern United States. Under Mr. Wolstein's guidance and leadership, Developers Diversified has grown to become one of the world's leading retail real estate companies with nearly $18 billion in assets under management and operations throughout the United States, Puerto Rico and Brazil.
Daniel B. Hurwitz, President and Chief Executive Officer of Developers Diversified, said, "Scott and I have worked together for many years and I am extremely grateful for his leadership, wisdom and mentorship. I wish him continued success in all his future endeavors."
Commenting on this transition, Mr. Wolstein said, "I enter this new chapter of my professional life with complete confidence that Developers Diversified is in good hands. I am certain that the company's management team, led by Dan Hurwitz – one of the industry's most highly capable and most highly respected CEO's – will continue to thrive as an international market leader in the world of retail real estate."
Terrance R. Ahern, Lead Director of the Developers Diversified board said, "Scott has served in a leadership role at Developers Diversified nearly his entire professional career and he has made countless contributions to the company. We are grateful for his many years of service."
In addition, Mr. Ahern, a non-executive and independent Director, will serve as Chairman of the Board following Mr. Wolstein's departure. Mr.