centro faces executive shake-up ..., page-2

Source: www.businessspectator.com.au

Centro Properties global CEO and CEO both to resign when contracts expire
By a staff reporter

Centro Properties Group Ltd global chief executive Glenn Rufrano has announced his intention to resign, together with chief executive Tony Clarke.

"Centro Properties Group (Centro) announced today that it has commenced a search for a new global chief executive officer (CEO)," Centro said in a statement to the market.

"This follows Glenn Rufrano’s advice to the board today that he does not wish to renew his contract when it expires in February 2010."

Centro said it had begun the search for a new global chief, with a minimum contract of three years, while Mr Rufrano would remain in the role until a suitable replacement was appointed.

The company said Mr Clarke was not a potential candidate as he had also flagged his intention to leave the company.

"Tony Clarke also advised the board today that he is not a candidate for the global CEO role and does not wish to continue beyond his current contract term which also expires in February 2010," Centro said.

However, Centro will not seek out a replacement for Mr Clarke, instead passing his duties to the new global chief.

Rufrano no longer needed

Mr Rufrano said he joined Centro to help the company through a challenging period and was no longer needed.

“When I accepted the appointment in January 2008, it was to see Centro through a very difficult period of uncertainty," Mr Rufrano said.

"While my role as Centro’s CEO was unexpected, it has been very fulfilling personally and professionally. I am pleased to say that the need for me to continue in this capacity has passed."

Centro downgraded the value of its property portfolio by 15.3 per cent to $2.6 billion for the 2009 financial year, although there is hope that the worst may be over for the group, as the rate of decline in value has slowed.

Mr Rufrano said his leaving was a natural progression for Centro, and the company needed an Australia-based global chief.

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

Centro chairman Paul Cooper thanked Mr Rufrano for his time at the company, saying the group was now stable and ready to go on.

“The stabilisation of Centro achieved under Glenn’s leadership will serve as a strong foundation for Centro going forward," Mr Cooper said.

“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.”

Centro Property will release its full year results on August 26. Centro Retail's results are due on August 25.


Ends.

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