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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


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)

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