centro executive ross johnston quits...

Source: www.theaustralian.news.com.au

Centro executive Ross Johnston quits
Bridget Carter | October 07, 2008

ONE of the executives brought in to help steer debt-plagued Centro Properties Group through its crisis will step down from the job by the end of this month.

Ross Johnston came on board at Centro in March as head of strategy implementation.

He has resigned from his position effective by October 31.

Mr Johnston was awarded an interim contract to launch strategies that would help cut costs and improve policies and financial reporting procedures.

"These initiatives will continue under the direction of senior Centro staff," the company said in a statement yesterday.

Mr Johnston is understood to be taking up a chief executive position with a private equity-backed aged-care group.

Five of Centro's original executives have stayed on at the firm since it moved to offload assets late last year because of the credit crisis.

Centro chief executive Andrew Scott walked away from the job in January with a $3 million golden handshake.

He was replaced by Glen Ruffrano, the head of US shopping centre owner New Plan Excel Realty Trust, which Centro bought in March last year for $6.3 billion.

Chief financial officer Romano Nenna was also replaced in March by Tony Clarke.

Mr Johnston's departure comes after the stricken shopping centre owner last month secured an extension over three corporate loan facilities worth $4.95 billion to December 15.


Ends.

Cheers, Pie :)