Troubles shopping centres owner and manager Centro Properties Group has extended the tenure of its chief executive by at least another year.
Glenn Rufrano's appointment was extended for 12 months, effective 1 March, and was subject to further automatic 12-month extensions, it said in a statement yesterday. Rufrano will be based at Centro's US headquarters in New York from April and be in the corporate office in Melbourne as required.
Rufrano was appointed CEO on January 15, 2008, after the debt-laden group became one of the highest-profile victims of the global credit crunch that swept through global financial markets in late 2007.
Its difficulty in refinancing debt securities in tight credit markets casts doubt on its sustainability and now the group is selling assets to pay down its liabilities.