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Centro appoints new chief executive 12:21 PM

Centro Properties Group Ltd has named current non-executive director Robert Tsenin as its new chief executive and managing director, as the company works towards a restructure in the new year.

Mr Tsenin will formally take over from outgoing chief executive Glenn Rufrano in March, Centro said in a statement on Tuesday.

Centro chairman Paul Cooper said that Mr Tsenin had the necessary experience and knowledge to lead the property group as it moves to recover ground after the negative impact of the global financial crisis.

"The board believes Robert has the requisite experience and knowledge of the group to provide the leadership essential for us to achieve our longer term goals," Mr Cooper said.

Mr Cooper also said Centro had made significant progress in 2009 as it completed a debt stabilisation agreement and drove the separation of the Centro and CER boards.

Advisory team

Last month, Centro Properties and Centro Retail Trust Ltd (CER) appointed advisors to undertake assessments of a restructure of their operations.

CER appointed UBS AG, while Centro Properties appointed JP Morgan Australia and Moelis & Company LLC as co-advisors.

Although appointed independently, all three groups will work together through the assessment phase.

"The objective of the assessment phase is to identify the means by which the enterprise value of the Centro group, of which CER is a significant component, can be maximised and to separately identify and analyse execution risks," the companies said.

Mr Rufrano, whose contract expires in February 2010, flagged his departure in August last year.

Mr Rufrano said at the time that he had joined Centro to help the company through a challenging period and was happy to depart once a recovery was in sight.

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 Centros chief executive 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."

Rebuilding value

Incoming chief executive Robert Tsenin said that he was ready to build on the work started by Mr Rufrano.

"I am delighted to have been given the opportunity and challenge to lead the management team at Centro as we continue the process of rebuilding value in the group," Mr Tsenin said.

The debt stabilisation agreement has given the group time to explore restructuring options that will be in all stakeholders interests and I take this role at a time when both Boards and the management team are re-energised and committed to rebuilding value."

Centro Property shares slipped 1.58 per cent to 31 cents by 1221 AEDT, while Centro Retail shares jumped 2.77 per cent to 18.5 cents