3 January 2012
CENTRO RETAIL AUSTRALIA APPOINTS NEW CEO
Centro Retail Australia (CRF and Centro) announces that Mr
Steven Sewell has been appointed Chief Executive Officer and
is expected to take up his role in the first quarter of
2012.
Mr Sewell will succeed Mr Robert Tsenin, who previously
announced his intention to retire following the successful
restructure of Centro Properties Group, which resulted in the
creation of Centro Retail Australia, an
Australian Real Estate Trust specialising in the ownership
and management of shopping centres.
Mr Sewell joins CRF after spending over five years as CEO of
Charter Hall Retail REIT (formerly known as Macquarie
Countrywide Trust). Steven originally commenced with
Macquarie Group in January 2003 after spending almost four
years with QIC Property in Brisbane, as National Head of
Property Management and is the current Chairman of the
Shopping Centre Council of Australia.
Centro Chairman Mr Bob Edgar said Mr Sewell's appointment
followed a thorough recruitment process that considered a
strong field of internal and external candidates.
"The Board is extremely pleased that Steven has agreed to
lead Centro Retail Australia through its next phase. He has
extensive experience in the management and development of
Australian shopping centres, a proven track record of success
as a Chief Executive Officer, and a demonstrated ability to
drive shareholder value," Mr Edgar said.
Mr Sewell said he was excited to be joining Centro at this
next stage of its evolution and was looking forward to
capitalising on the opportunities that existed in the
extensive portfolio of well located shopping centres.
"Centro has an impressive portfolio of assets, diversified
across Australia, with excellent opportunities for income and
capital growth. I look forward to working with the team to
convert these opportunities and grow the company for the
benefit of all stakeholders," Mr Sewell said.
Mr Edgar acknowledged the very significant achievements of Mr
Robert Tsenin, who will step down as Chief Executive Officer
upon Mr Sewell's commencement. Mr Tsenin will remain with
Centro for a short period to assist with transition.
"Robert oversaw one of the largest and most complex
restructures in Australian corporate history. It is a great
achievement resulting in the creation of a unique, valuable
portfolio of assets," Mr Edgar said.
Commencement Date 2 April 2012 or such earlier date as the parties agree
Term Ongoing, subject to 12 months' notice of termination by the company, or 6 months' notice of termination by Mr Sewell. The company may terminate immediately in certain circumstances, including serious misconduct or negligence in the performance of duties. Mr Sewell may terminate immediately in case of fundamental change.
Base Remuneration $900,000 reviewed annually
Sign on bonus $350,000 ($150,000, less tax withheld, to be repaid if Mr Sewell resigns within 12 months of appointment or is terminated summarily).
Short Term Incentive An annual opportunity to participate in the Centro Short Term Incentive Plan, with a target bonus of 100% Base Remuneration and a maximum bonus of 150% Base Remuneration. A pro rata STI opportunity will be offered in the first year of employment.
Long Term Incentive Centro Retail Australia intends to establish a long term incentive plan. Mr Sewell will be eligible to participate in long term incentive plans as offered by Centro Retail Australia from time to time.
It is intended that Mr Sewell's first LTI grant will be approximately $1,080,000 worth of performance rights.
Payment on termination If employment is terminated, Centro Retail Australia may make payments in lieu of part or all of the applicable notice period.
If the company terminates the employment on notice or the employment is terminated by Mr Sewell on a fundamental change, short term incentives will be paid in accordance with the applicable plan rules on a pro rata basis based on performance. Equity based short and long term incentives will continue on foot, subject to satisfaction of applicable performance conditions.
Relocation allowance A relocation allowance of $100,000 per annum will be paid for each of the first two years of the contract.
Further details Further details of Mr Sewell's remuneration arrangements will be disclosed in Centro Retail Australia's 2012 remuneration report.
ENDS
About Centro Retail Australia (ASX: CRF)
Centro Retail Australia is the newly formed AREIT which
resulted from the aggregation of
Centro Retail Trust and other Centro Properties Group managed
funds. It comprises a
$4.4 billion portfolio of direct property investments, making
it one of the leading owners of shopping centres in
Australia.
For more information, please visit the CRF website at
crfinvestor.com.au.
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For Further Information
For further information, please contact: Media
Miche Paterson
Kreab Gavin Anderson
03 9659 3000 | 0400 353 762 mpaterson@kreabgavinanderson.com
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