Cedar Shopping Centers, Inc. News
Cedar Shopping Centers Announces Election of a New Independent Director
PORT WASHINGTON, N.Y., June 18 PRNewswire-FirstCall — Cedar Shopping Centers, Inc. (NYSE: CDR) today announced that at its annual meeting of stockholders held on June 17, 2008, Ms. Pamela N. Hootkin was elected as a member of the Board of Directors. Ms. Hootkin is Senior Vice President, Treasurer and Director of Investor Relations at Phillips-Van Heusen Corporation. She replaces Brenda J. Walker, who did not stand for re-election. Ms. Walker continues in her senior management position as Vice President of Operations at the Company. All six other members of the Board, including James J. Burns, Richard Homburg, Paul G. Kirk, Jr., Everett B. Miller III, Leo S. Ullman and Roger M. Widmann, were re-elected to one-year terms. As a result of the election, only Leo S. Ullman remains as a management member of the Board.
Mr. Ullman, the Company's CEO and Chairman of the Board, stated, "We are delighted to have Pam Hootkin join our Board. She brings to the Board a great deal of knowledge and insight on retail operations and activities, and substantial experience with respect to acquisitions, mergers and other strategic transactions involving public companies. We are also delighted that Ms. Hootkin has agreed to serve as a member of our Audit Committee, where we expect she will bring her considerable financial experience to bear for the benefit of our Company."
The stockholders also (i) approved an amendment to the Company's 2004 Stock Incentive Plan, administered by the Board's Compensation Committee, and (ii) ratified the appointment of Ernst & Young LLP as the Company's independent registered accounting firm for the 2008 fiscal year.
About Cedar Shopping Centers
Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of supermarket-anchored shopping centers in nine mid-Atlantic and New England states. The Company has realized significant growth in assets and has completed a number of developments and redevelopments of retail properties since its public offering in October 2003. The Company presently owns and operates 120 properties aggregating approximately 12.1 million square feet of gross leasable area. The Company also owns a substantial pipeline of development properties as well as approximately 365 acres in primarily development parcels.
SOURCE Cedar Shopping Centers, Inc.
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