Glenn Rufrano has been appointed as Chief Executive Officer effective immediately.
Since the acquisition of New Plan by Centro, Mr Rufrano has been Chief Executive Officer of Centro US. Mr Rufrano was formerly the Chief Executive Officer of New Plan, prior to its acquisition by Centro in April 2007.
Mr Brian Healey, Chairman of Centro said, “Glenn is well known and respected in the industry and has been a great addition to Centro since joining us through the New Plan acquisition. The
Board is extremely pleased that Glenn has agreed to accept the position of Chief Executive Officer and we look forward to the benefit of his leadership and vast experience in these challenging times”.
Centro has agreed with Mr Rufrano that he will be entitled to a salary of US$1.2 million per annum, a potential short term incentive of up to 150% of his annual salary and a long term
incentive of 1,000,000 options to acquire securities under the Centro Executive Option Plan.
Mr Scott has agreed to remain available to actively assist Centro as a consultant until 31 March 2008. Mr Scott has agreed to a payment of $1.5 million on the date of cessation of employment (plus accrued salary or other like entitlements to that date). He will also become entitled to a further $1.5 million on 31 March 2008, provided that he has satisfactorily fulfilled his consulting obligations.
The value of Mr Scott’s termination benefits is significantly less than the termination benefit to which he would have been entitled under the contract as described in Centro’s annual
report for 2007.