Chartered accountant John Georgakis will be paid $2,000 per day to wind up the Centro Properties Group.
The shopping centre group has undergone a restructure involving the cancellation $2.7 billion in debt amassed during the global financial crisis as the lenders exchanged the loans for ownership of the underlying assets.
A new group, Centro Retail Australia, now owns the Centro assets and has begun trading on the Australian securities exchange (ASX).
The former Centro funds, including Centro Properties Group and Centro Retail Group, are in the process of being wound up.
Centro Properties Group said on Friday it had appointed Mr Georgakis as its chief executive to oversee that process.
He has been employed on a contract basis and will be paid $2,000 per day, Centro Properties Group said.
Mr Georgakis will also be eligible for an incentive once the wind up is completed, which will be the larger of half his remuneration or $200,000, the group said.
No time frame has been placed on the winding up process.
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