centro faces executive shake-up ...

Source: www.smh.com.au/business

Centro faces executive shake-up
August 6, 2009 - 1:30PM

Centro Properties Group has begun a search for a new global chief executive after Glenn Rufrano told the board he does not wish to renew his contract.

Mr Rufrano's contract expires in February 2010, but he will stay on until a suitable replacement is found.

"This follows Glenn Rufrano's advice to the board today that he does not wish to renew his contract,'' Centro said in a statement on Thursday.

Centro's Australian chief executive Tony Clarke has told the board he is not a candidate for the global position, and also does not wish to extend his contract which expires at the same time as Mr Rufrano's. The company said the Australian head's duties will be absorbed by the new global chief.

"The stabilisation of Centro achieved under Glenn's leadership will serve as a strong foundation for Centro going forward,'' chairman Paul Cooper said. "With this in mind, the board has commenced the search for an Australia-based global CEO with a minimum contract term of three years.''

"Glenn accepted the role of CEO when Centro was in crisis, and we are grateful to have had the benefit of Glenn's focus, experience and deft leadership during this challenging period for Centro,'' Mr Cooper added.

Mr Rufrano said his decision to move on was the "natural progression of Centro moving forward.''

"The board and I believe that an Australia-based global CEO will provide the leadership to achieve our longer term goals.''

Mr Rufrano took the role in January 2008, as the shoping centre operator, which has assets in Australia and the US, faced debt refinancing issues amid difficult conditions for global financial markets.

He said he and Mr Clarke would "assist'' the board in finding a new chief executive.

"With Centro's executive committee in Australia and management committee in the US significantly strengthened over the past six months, I am confident that the team is now well-positioned to manage Centro into the future,'' he added.

The search for candidates for the chief executive position will be headed by international director and executive search firm Egon Zehnder.

Centro is Australia's largest manager of retail property investment syndicates and is a manager of direct property funds and wholesale funds, which invest in Centro's retail properties in Australasia and the US.

Centro shares were down 0.1 of a cent to 9.5 cents in afternoon trade.

AAP


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