(Bloomberg) — DDR Corp. said Daniel Hurwitz stepped down as chief executive officer and a director of the U.S. shopping- center owner, effective Dec. 31.
David Oakes, DDR’s president and chief financial officer, became the company’s principal executive officer, according to a regulatory filing today. Hurwitz will remain an employee until Feb. 14, the Beachwood, Ohio-based real estate investment trust said.
Hurwitz will receive cash and stock compensation of $9.8 million, which will result in a charge of about $4.5 million in the fourth quarter, according to the filing.
DDR is an owner and manager of 456 shopping centers in 42 U.S. states and Puerto Rico. The company said in September that Hurwitz and the board agreed not to extend his contract past its Dec. 31 expiration.