BEACHWOOD, OHIO — DDR Corp. (NYSE: DDR) has unveiled plans to streamline its organizational structure and eliminate 65 positions, including nine officer level roles. The decision is a result of efforts to gain efficiencies, provide appropriate staffing for the company’s current and future operations, facilitate decision-making and lower operating costs, according to the company. The changes are expected to generate a stabilized annual reduction to recurring general and administrative expenses of approximately $6 million. The company expects that the vast majority of its employees will remain based in the Beachwood headquarters location, about 19 miles southeast of Cleveland.
As part of the reorganization, DDR has also appointed Conor Fennerty as senior vice president. Fennerty will be responsible for capital raising activities and management of the company’s planning and analysis functions. DDR, a self-managed REIT, is an owner and manager of 319 value-oriented shopping centers comprising 106 million square feet in 35 states and Puerto Rico. The company’s stock price closed at $12.74 per share on Monday, April 3, down from $17.34 per share a year ago.