CENTRO directors Peter Wilkinson and Sam Kavourakis joined the growing exodus from the shopping centre group.
Both have tendered their resignations in the latest setback for Centro, which will almost certainly be tipped into administration unless it obtains debt extensions on $4.95billion of loans due by December 15. The company disclosed a $3.8 billion funding shortfall 10 months ago, leading to the departure of chief executive Andrew Scott and chairman Brian Healey.
Mr Wilkinson, one of Australia's most experienced retail managers, and Mr Kavourakis, a former head of National Mutual Funds Management, are two of Centro's most loyal lieutenants.
Mr Wilkinson headed David Jones for almost six years and is currently managing director of Sydney-based Australian Discount Retail (Trading) Pty Ltd.
He has been a non-executive director of Centro head stock Centro Properties Group since March 2004, and a director of Centro Retail Limited since 2005.
Mr Kavourakis became a non-executive director of Centro Properties Group in 2003 and has been a director of Centro Retail since 2005.
Although both have tendered their resignations, they will stay on until Centro finds replacements.
Centro chairman Paul Cooper said yesterday they would stay until the new year. He said both would stand for re-election at Centro's annual meeting on November 27.
Board changes were flagged in last month's annual report, when Centro announced it had appointed international headhunters Egon Zehnder International to find new talent as the Cooper-led Centro separates the CNP head stock and CER retail group boards. That process kicked off in earnest yesterday with the appointment of two non-executive directors.
Former South African Avin Lieberman was appointed to CER and Centro MCS, which is Centro's syndicate business. Prominent accountant Rob Wylie joined CNP and CPT Manager Limited.
The latter is the responsible entity for Centro Properties Trust, Centro Australia Wholesale Fund, Centro Syndicate Investment Fund and several Centro MCS syndicates. Mr Wylie has more than 30 years of accounting, audit and corporate governance experience.
Mr Lieberman co-founded Zenprop Property Holdings, one of South Africia's largest private real estate investment firms.
Mr Cooper said the appointments were a significant milestone for Centro, which needed to inject new blood as part of its regeneration and board separation processes. Mr Cooper said Centro's ability to attract high-calibre people augured well for the group.
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