Join the Cleveland Scene Press Club. Because No News is Bad News.

Friday, February 18, 2011

Investor's Harsh Words For Scott Wolstein on Developers Diversified Realty Conference Call

Posted By on Fri, Feb 18, 2011 at 1:18 PM

scott-wolstein.jpg

Earlier this week it was announced that Scott Wolstein would be stepping down as executive chairman of Developers Diversified Realty. This after the co-founder drove the company to a screeching halt with mountains of debt.

Scott Wolstein will take home $16 million in his departure — money that DDP said during a conference call with investors it will take on charge. The size of the package and Wolstein's abysmal performance led one caller to speak his mind. Enjoy this bit, courtesy of Reuters:


"I just wanted to make it clear that we've actually discussed it here, and we think that it's somewhat appalling that Scott is being paid such an excessive amount of money given the fact that he almost drove the company into bankruptcy," Ben Williams, a director at Brookfield Investment Management, said on the call.

To you, Ben Williams, we say: huzzah.

(Via @ssuttell)

Tags: ,

We welcome readers to submit letters regarding articles and content in Cleveland Scene. Letters should be a minimum of 150 words, refer to content that has appeared on Cleveland Scene, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at news@clevescene.com.

Cleveland Scene works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of Cleveland and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep Cleveland's true free press free.

Read the Digital Print Issue

September 23, 2020

View more issues

Newsletters

Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Calendar