Beachwood, Ohio Developers Diversified Realty Corp. has announced the appointment of David J. Oakes as senior executive VP and CFO.
Oakes had most recently served as the company’s senior executive VP finance, chief investment officer and interim CFO.
Following an extensive outside search to fill the permanent CFO position, Oakes was promoted from within. Developers Diversified president and CEO Daniel B. Hurwitz said, "Over the past 18 months [Oakes] has developed and executed the restructuring strategy for our balance sheet, raised over $2 billion of capital, has emerged as an internal leader and is widely respected by the investing and lending communities. I have valued my partnership with him as CIO and look forward to his continued prudent financial leadership as CFO."
Oakes will have primary responsibility for the capital markets, budgeting, tax, investor relations, property and corporate accounting, audit, and external reporting functions.
A search for his successor as the company's senior investment officer has commenced.