Lowy’s salary package remains intact

March 28, 2009 by J-Wire
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Frank Lowy, executive chairman of shopping centre group Westfield, has retained his annual salary of $16.2 million.In payout figures his salary remained unchanged but was adjusted  up after factoring usage of the company jet.

The annual report issued this week revealed that salary packages had been frozen for senior management. Bonuses remained the same as in 2007.

Steven Lowy’s salary was reported at $7.8 million, down $1.9 million whilst his brother Peter, who lives and runs the U.S. operation, saw his salary fall from $8.3 million…a drop of $1.6 million.

Westfield’s figures show a loss of $2 billion, attributed mainly to a revaluation of the company’s assets.

Members of the board Gary Weiss, Fred Hilmer and David Gonski received rises for their services of $193,00, $223,00 and $213,000 respectively.

The AGM is expected to be held on May 6

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