rufrano's exit, and entrance ...

Source: www.online.wsj.com

Rufrano's Exit, and Entrance
Head Real-Estate Honcho Says So Long to Centro and Hello to Cushman
Kris Hudson

Departing Centro Properties Group Chief Executive Glenn Rufrano has lined up a job that is closer to home.

Mr. Rufrano, 60 years old, will take over March 22 as president and chief executive of commercial real-estate brokerage Cushman & Wakefield Inc., seeking to turn around a firm hit by the property downturn. Mr. Rufrano had announced last August that he would leave Centro, the Australian shopping-center owner, mostly because the Melbourne-based company needed a chief executive working in Australia and Mr. Rufrano wanted to be based in New York.

Mr. Rufrano signed a five-year contract with Cushman, which is mostly owned by Italian holding company Exor SpA. Cushman posted an $82.2 million net loss for the first nine months of 2009, according to Exor's quarterly report. Cushman's revenue was down 25% from the same period in 2008, Exor said.

After a brief gig overseeing Centro's U.S. operations, Mr. Rufrano spent a whirlwind two years at Centro's helm. He kept the company out of bankruptcy and liquidation by hammering out deals to restructure and extend much of its roughly $18 billion in debt.


Ends.