Stormy Simon to step down as Overstock.com’s President; to remain board member until no later than September 30, 2016

SALT LAKE CITY,, 2016-Jul-17 — /EPR Retail News/ — Overstock.com, Inc. (NASDAQ:OSTK) announced today that Stormy Simon will be resigning as the company’s President to pursue other opportunities, effective no later than July 25, 2016. Simon will remain a member of Overstock.com’s board of directors until no later than September 30, 2016.

“We wish to thank Stormy for her long and valued service, leadership, and passion for Overstock,” said Patrick M. Byrne, the company’s founder and CEO, currently on medical leave. “She has been a key contributor to Overstock’s evolution and growth from the early years, serving in a broad spectrum of roles and providing valuable leadership as president since 2014, and as a member of our board since 2011.”

“This is the end of an era, and we want to wish Stormy the best of luck in her next endeavor,” added Overstock.com Chairman Jonathan Johnson.

Simon commented, “While I will miss seeing my friends at Overstock on a daily basis, I am excited to focus my efforts on helping lead a new generation of entrepreneurs in developing a new sector of emerging markets.”

To ensure a smooth transition, Overstock.com’s presidential duties will continue to be divided amongst Acting CEO Mitch Edwards, Chief Revenue Officer Saum Noursalehi, and Senior Vice President Brian Popelka.

“I am confident that our leadership team is poised to handle this transition while driving the vision and strategy for 2016 and beyond,” said Edwards.

About Overstock.com
Overstock.com, Inc. (NASDAQ:OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, rugs, bedding, electronics, clothing, and jewelry. Additional stores within Overstock include Worldstock.com, dedicated to selling artisan-crafted products to help developing nations around the world and Main Street Revolution, supporting small-scale entrepreneurs in the U.S. by providing them with a national customer base. Other community-focused initiatives include Farmers Market and pet adoptions.  Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock sells internationally under the name O.co and regularly posts information about the company and other related matters under Investor Relations on its website (http://www.overstock.com and http://www.o.co)

O, Overstochttp://(http://www.overstock.comk.com, O.com, O.co, Club O, Main Street Revolution, Worldstock and OVillage are registered trademarks of Overstock.com, Inc.  O.biz and Space Shift are also trademarks of Overstock.com, Inc.  Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact.  Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended March 31, 2016, which was filed with the SEC on May 5, 2016, and any subsequent filings with the SEC.

Media Contact:

Mark Delcorps
Overstock.com, Inc.
+1 (801) 947-3564
pr@overstock.com

Investor Contact:

Mark Harden
Overstock.com, Inc.
+1 (801) 947-5409
ir@overstock.com

Source: Overstock.com, Inc

DDR Board member Thomas F. August named President & Chief Executive Officer

BEACHWOOD, Ohio, 2016-Jul-12 — /EPR Retail News/ — DDR Corp. (NYSE: DDR) announced today that DDR Board member Thomas F. August was named President & Chief Executive Officer, effective immediately. The appointment of Mr. August follows the termination of David J. Oakes as President & Chief Executive Officer and as interim Chief Financial Officer. Mr. 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.

Mr. August is currently Chairman of the Board of DCT Industrial Trust Inc. (NYSE: DCT), an industrial real estate investment trust (REIT), and is a 40-year veteran of the real estate industry with extensive experience leading all facets of finance, investment and operational activities.

Mr. August previously served as President and Chief Executive Officer of Equity Office Property Trust (EOP) from July 2010 until the end of 2015 and served as its Chairman from October 2009 to July 2010. EOP is a REIT controlled by The Blackstone Group and is one of the largest owners and managers of office properties in the United States.Mr. August also previously served as President, Chief Executive Officer, and a Trustee of Prentiss Properties Trust, an office REIT, from 1996 until its acquisition in 2006. In addition, he held other executive roles, including Chief Financial Officer, at Prentiss beginning in 1987.

“I am very pleased to have Tom join DDR as our CEO,” said Terrance R. Ahern, Chairman of the Board of Directors of DDR. “Tom has twice successfully led large real estate platforms – one in the public market and one in the private market. Both platforms were best-in-class and rewarding to the companies’ shareholders. We’re excited to have him lead DDR.”

In addition, the Company announced two other changes to its executive management team:

  • Vincent A. Corno, a 24-year veteran of the real estate industry, will join the Company as Executive Vice President of Leasing and Development, effective today, reporting to Mr. August. Mr. Corno will work closely with Paul Freddo, Senior Executive Vice President, in connection with the transition of Mr. Freddo’s responsibilities, which the Company anticipates will extend beyond the end of 2016.
  • Christa A. Vesy, currently serving as DDR’s Executive Vice President & Chief Accounting Officer, has been named Interim Chief Financial Officer, effective immediately.Ms. Vesy will report to Mr. August.

Mr. Corno most recently served as Senior Vice President – Real Estate for DICK’S Sporting Goods, Inc. (NYSE: DKS) and previously as Senior Vice President of Real Estate with Saks Incorporated and as Senior Vice President with The May Department Stores Company. He also held the position of Vice President of Development with Forest City Enterprises. Mr. Corno, who earned his undergraduate and juris doctor degrees at St. Louis University, is also a licensed attorney and a certified public accountant.

Ms. Vesy became Executive Vice President & Chief Accounting Officer of DDR in 2012, with responsibility for overseeing the property and corporate accounting and financial reporting functions. Before joining the Company as Senior Vice President & Chief Accounting Officer in 2006, she worked for The Lubrizol Corporation and the Assurance and Business Advisory Services group of PricewaterhouseCoopers LLP. Ms. Vesy graduated with a Bachelor of Science degree in business administration from Miami Universityin Oxford, Ohio and is a certified public accountant.

Mr. August commented, “We are pleased to welcome Vince and Christa to their new roles. We are excited to have Vince join DDR with his varied experience and perspective as a real estate executive for several first-class retailers. Christa’s deep knowledge of the Company’s accounting and financial operations make her a perfect fit to serve as interim CFO.”

About DDR Corp.
DDR is an owner and manager of 349 value-oriented shopping centers representing 113 million square feet in 37 states and Puerto Rico. The Company’s assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the Company is available at www.ddr.com.

Media Contact:
Matt Schuler
Senior Director of Communications
216-755-5842
mschuler@ddr.com

Investor Contact:
Matt Lougee
Senior Vice President of Finance
216-755-5500
mlougee@ddr.com

SOURCE: DDR Corp.