Cleveland Developers Diversified Realty Corp. announced that, effective January 1, 2010, its previously announced management succession strategy will go into effect.
The move appoints Daniel B. Hurwitz, 45, president and CEO, succeeding Scott A. Wolstein, 57, who will continue to serve in a leadership role as executive chairman of the board.
In his new role, Hurwitz will be responsible for planning, formulating and coordinating the development and execution of corporate strategy, policies, goals and objectives.
As executive chairman, Wolstein will work closely with Hurwitz to develop the company’s strategic plan and will ensure the board fulfills its oversight and governance responsibilities, according to Developers Diversified.
In addition, Wolstein will continue to serve on the company’s Investment Committee.