DDR Corp. Announces the Streamlining of its Organizational Structure; Appoints Conor Fennerty to the Role of Senior Vice President, Capital Markets
April 03, 2017 at 05:51 pm EDT
Share
DDR Corp. announced the streamlining of its organizational structure in an effort to gain efficiencies, provide appropriate staffing for the company's current and future operations, facilitate decision-making and lower operating costs. The changes are aimed at further centralizing key operational decision-making and will result in the elimination of 65 existing positions including nine officer level roles. The changes are expected to generate a stabilized annual reduction to recurring General and Administrative expenses of approximately $6 million, excluding a one-time charge to earnings of approximately $7.2 million associated with the transition, of which approximately $2 million will be recognized in the first quarter of 2017 and the balance in the second quarter of 2017. The company expects that the vast majority of its employees will remain based in the Beachwood, Ohio headquarters location.
In connection with the announced reorganization, DDR also has appointed Conor Fennerty to the role of Senior Vice President, Capital Markets reporting to Matthew Ostrower, Chief Financial Officer. Mr. Fennerty will have responsibility for capital raising activities and management of the Company's planning and analysis functions. Mr. Fennerty most recently served as Vice President, Senior Analyst at BlackRock Inc.
SITE Centers Corp. is a self-administered and self-managed Real Estate Investment Trust (REIT). The Company is engaged in the business of owning, leasing, acquiring, redeveloping, developing and managing shopping centers. The Company owns approximately 114 shopping centers, including 13 shopping centers owned through joint ventures aggregating 22.6 million square feet of gross leasable area (GLA) through all its properties (wholly owned and joint venture). These centers are principally located in the Southeast, including Florida, Georgia, Illinois and Colorado. Its properties include discounters, specialty grocers, pet supply stores, fitness centers, quick-service restaurants and beauty supply retailers as additional anchors or tenants. Its properties include 3030 North Broadway, Deer Park Town Center, Woodfield Village Green, Foxtail Center, Shops at Framingham, The Promenade at Brentwood, East Hanover Plaza, Edgewater Towne Center, Hamilton Marketplace and Nassau Park Pavilion.