Lowy retires from Scentre

October 23, 2015 Agencies
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Frank Lowy will retire as Chairman of Scentre Group ) at the company’s Annual General Meeting in May next year.

Lowy will continue in his role as Chairman of Westfield Corporation the international shopping centre group he co-founded,

Frank Lowy

Frank Lowy

He personally advised The Scentre Group board of his decision at today’s board meeting which appointed Deputy Chairman, Mr Brian Schwartz to succeed Frank Lowy when he retires.

Frank Lowy said he considered it was the right time to announce his retirement from Scentre Group given it had successfully completed its establishment phase following the restructure of Westfield Group in June 2014. At the time of the restructure, Mr Lowy said he would lead Scentre Group during its formative period.

The incoming chairman of Scentre Group, Mr Schwartz, said he was honoured to succeed Frank Lowy.

“Frank has been one of the outstanding business and community leaders of the past 50 years,” he said.

“He has built a global business that continues to be at the forefront of the industry today.

“And in Australia, his efforts have made a massive economic and social contribution to the life of the nation.”

Mr Lowy said the Lowy Family Group would continue with its investment in Scentre Group.

Mr Steven Lowy will continue to serve as a non-executive director of Scentre Group.

“It has been a privilege to have led Westfield in Australia since it was established in 1960 and Scentre Group which continues the legacy of the Westfield brand,” Mr Frank Lowy said.

“It is never easy to leave a role like this but I do so in the knowledge that Scentre is in an extremely strong position and that its future is full of opportunity for further growth and success.

“The transition to new leadership has been carefully planned and I have the utmost confidence that Brian Schwartz as the incoming Chairman, and CEO Peter Allen, will make the most of those opportunities.”

Mr Lowy thanked his fellow directors for their support over many years and acknowledged the contribution of thousands of Westfield and Scentre Group staff to the success of the company.

 

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