Centro CEO departs

Andrew Scott

Centro Properties chief executive officer Andrew Scott has resigned and will be replaced by Glenn Rufrano, the chief executive of Centro US.

In announcing the changes today, Centro chairman Brian Healey said that Rufrano would be entitled to a salary of US$1.2 million a year, a potential short-term incentive of up to 150 per cent of his annual salary and a long-term incentive of one million options to acquire securities under the Centro Executive Option plan.

The announcement said that Scott would remain available to actively assist Centro as a consultant until March 31 and had agreed to a payment of $1.5 million on the date of cessation of employment and will become entitled to a further $1.5 million on March 31, provided he has satisfactorily fulfilled his consulting obligations.

The announcement regarding the change of CEOs came at the same time as Centro provided an update to the market on its position, including announcing that the lenders party to its Australian Extension Deed were considering extending the arrangements beyond February 15.

It said that its adviser, Lazard Carnegie Wylie, had reported extensive interest from high quality and credible potential investors for a range of the various options being considered by the board.

The company said the potential sale of the group’s interests in the Centro Australian Wholesale Fund had also attracted strong interest from both domestic and international investors.