Beachwood, Ohio -- The Developers Diversified Realty Corp. board of directors announced the company and Scott A. Wolstein have agreed he will step down from the role of executive chairman of the board of directors.
Wolstein co-founded Developers Diversified Realty with his father in 1992 and led the company's successful IPO in February of the following year. Under Wolstein's guidance and leadership, Developers Diversified has grown to become one of the world's leading retail real estate companies with nearly $18 billion in assets under management and operations throughout the United States, Puerto Rico and Brazil.
Commenting on this transition,Wolstein said, "I enter this new chapter of my professional life with complete confidence that Developers Diversified is in good hands. I am certain that the company's management team, led by Dan Hurwitz -- one of the industry's most highly capable and most highly respected CEO's -- will continue to thrive as an international market leader in the world of retail real estate."
Terrance R. Ahern, lead director of the Developers Diversified board will serve as chairman of the board following Wolstein's departure. Ahern is the co-founder and CEO of The Townsend Group, an institutional real asset advisory firm formed in 1986, which advises and invests on behalf of domestic and offshore public and private pension plans, endowments and foundations, sovereign wealth funds and multi-manager funds.