DDR, the massive retail center owner based in Beachwood, named a new president this week.

The company named David J. Oakes its president, according to a statement. The appointment became effective on New Year's Day.

Oakes had served as DDR's senior executive vice president and chief financial officer. In addition to president, Oakes will continue his duties as CFO and report to DDR CEO Daniel B. Hurwitz.

"It is an exceptional honor to expand my responsibilities and become president of a world class organization such as DDR," Oakes said. "I am very proud of all that we have accomplished in recent years and I look forward to working with Dan and our deeply talented team to produce more years of disciplined growth, and best in class operating and financial results."

Oakes has been employed by DDR since 2007.

DDR owns and manages 459 shopping centers in 39 states, Puerto Rico and Brazil.

"I am very pleased to recognize David's extraordinary financial and operational talents with this promotion," Hurwitz said. "He continues to expand his leadership position both internally and externally, and I greatly value our partnership."