The chief executive of troubled shopping centre owner Centro Properties Group has resigned on Tuesday and will be replaced by the head of the group's United States business.
Glenn Rufrano will immediately assume the role of chief executive officer of Centro.
Rufrano became a part of Centro when the group acquired New Plan, a company of which he was the chief executive officer, and consequently took the same role in Centro US.
Chairman of Centro, Brian Healey 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".
In addition, both Centro Properties Group (CNP) and Centro Retail Trust (CER) released statements to the market with updates on its debt refinancing issues on Tuesday.
CNP said it is in regular dialogue with the lenders and that this was expected to continue. It said lenders are currently considering extending the arrangements .
"Centro is pleased to advise that the lenders are currently considering extending the arrangements under the extension deed beyond 15 February 2008," Centro said.
"The US lenders are also considering an extension of their current maturities beyond 15 February 2008."
Foreign exchange hedging is another issue facing the group, with Centro exposed to volatility in earning should the Australian dollar appreciate or depreciate significantly from current levels.
"Centro's ongoing hedging position does not require action under the arrangements with Centro's financiers," it said.
Centro's adviser, Lazard Carnegie Wylie, reported extensive interest from high quality and credible potential investors (both Australian and international) for a range of the various options being considered by the board as part of the strategic review.
"It is expected that a number of third parties will commence due diligence with access to the company's data room shortly," Centro said.
The group lost more than 80% in value in December when it revealed it was struggling to refinance its debt.
Shares in CNP dropped 26 cents or 30.23% to 60 cents.
