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Scentre Appoints Former Kmart CEO To Board

Scentre Group, which owns Westfield shopping malls, has appointed Guy Russo – a former Senior Executive of Wesfarmers Group – to its board.

Russo is well known for leading the corporate turnaround of Kmart Australia, creating the largest and most profitable retail department store in the country. He was previously the CEO of Wesfarmers Department Store Division (Kmart and Target), as well as the Managing Director of Kmart Australia & NZ.

“We are delighted to welcome Guy to the Board. Guy will add significant skills and experience to the Board as a business leader who understands the customer, retail and retail property,” said Scentre Group’s Chairman Brian Schwartz.

“As part of its ongoing renewal and succession planning, the Board is committed to ensuring a strong and diverse membership. Guy has a highly accomplished career and we welcome him as a valuable addition to the Board.”

In addition to being a member of the board, Russo will also be an independent Non-Executive Director.

Following the announcement, Scentre Group’s share price was up 1.8% today at $1.96.

Last week the group announced that it expected that value of its portfolio of shopping malls to contract by 10% due to the COVID-19 crisis.

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