Centro sharesprice drop to 65c
Tuesday January 15, 2008
Australian listed property group Centro saw their shares drop to 65c today after the announcement that CEO Andrew Scott was to be replaced.
It's a far cry from the $10.06 a share trading price in May, 2007, which valued the company at $8.5 billion.
Glenn Rufrano takes over as the new Chief Executive Officer after the resignation of Mr Scott today.
Centro announced the appointment in a letter to the Australian Securities Exchange (ASX).
Rufrano's immediate priorities are to find fast loans that will enable the company to refinance the $1.5 billion in short-term debt before the February 15 deadline.
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