DDR Stock Rising After Terminating CEO David Oakes
NEW YORK (TheStreet) -- Shares of DDR (DDR) are gaining 2.28% to $19.10 as the company ousts CEO and interim CFO David Oakes after less than two years in charge.
DDR stock is trading on high volume today, with 4.6 million shares traded already vs. the stock's average of 2.74 million shares per day.
Oakes' termination "was not related to the company's financial or operating results or to any disagreements or concerns regarding the company's financial or reporting practices," the company said in a statement. Oakes has been with the company since 2007.
Replacing him as CEO will be Thomas August, current chairman of DCT Industrial Trust (DCT).DDR's chief accounting officer, Christa Vesy, will take over as interim CFO.
DDR is a Beachwood, OH-based real estate investment trust company specializing in shopping centers.
Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income and revenue growth. However, TheStreet Ratings finds that the company's return on equity has been disappointing.
You can view the full analysis from the report here: DDR
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.