Developers Diversified Announces Resignation of Director and Election of New Director
10 September 2009 - 10:37PM
Marketwired
Developers Diversified Realty (NYSE: DDR) today announced that
James C. Boland has been appointed to serve as a new Director on
the Company's Board of Directors and Dean S. Adler has resigned
from the Board.
Dean S. Adler notified the Board of Directors on September 3,
2009 of his intention to resign. He noted that his resignation was
not due to any disagreement with the Company or any matter relating
to the Company's operations, policies or practices.
On September 9, 2009, the Board of Directors appointed James C.
Boland to serve as a new Director. His initial term will end at the
Company's 2010 Annual Meeting of Shareholders. He will serve on the
Audit Committee.
James C. (Jim) Boland spent 34 years with Ernst & Young. He
joined Ernst & Young in 1964 after spending two years as an
officer in the United States Army. Jim became a partner in 1976 and
served as a member of the firm's management committee from 1988 to
1997. He also had operating responsibility as Vice Chairman and
Regional Managing Partner of Ernst & Young's Central Region
from 1988 to 1996. After Ernst & Young, Jim served as
President, CEO and Vice Chairman of the Cavaliers Operating Company
from 1998 to 2007.
Jim serves on the Boards of The Sherwin-Williams Company where
he chairs the Audit Committee and serves on the Nominating and
Corporate Governance Committee; Invacare Corporation where he is
lead director, chairs the Governance and Compensation and
Management Development Committees and serves on the Audit
Committee; and The Goodyear Tire & Rubber Company where he is
the lead director, chairs the Audit Committee and serves on the
Governance Committee.
Scott Wolstein, Developers Diversified's Chief Executive Officer
and Chairman of the Board, commented, "We are pleased to welcome
Jim to our Board of Directors. His extensive background in
accounting and deep experience with high quality companies outside
of the real estate universe will bring a fresh perspective and a
new dynamic to the Board. We would also like to thank Dean Adler
for his 12 years of dedicated service on our Board."
Developers Diversified as of June 30, 2009 owned and managed
approximately 690 retail operating and development properties in 45
states, plus Puerto Rico, Brazil and Canada totaling approximately
151 million square feet. The Company is a self-administered and
self-managed real estate investment trust (REIT) operating as a
fully integrated real estate company which acquires, develops and
leases shopping centers. Additional information about Developers
Diversified is available on the Internet at http://www.ddr.com.
Contact: Kate Deck Investor Relations Director Developers
Diversified Realty Main: (216) 755-5500 E-mail: Email Contact
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