Westfield founder Frank Lowy takes backseat role

Frank Lowy, founder and executive chairman of Australian shopping centre developer and owner Westfield Group, is to assume the role of non-executive chairman from 25 May, handing over the baton to his two sons Peter and Steven who will become joint CEOs.

Peter and Steven Lowy have served the company for 28 and 24 years respectively. Both held operational management roles with the company early in their careers with Peter starting as Assistant Treasurer in 1983 and Steven as manager of Garden State Plaza shopping centre in New Jersey in 1987. Both then spent time in leadership positions in operations, development and finance before progressing to more senior country head roles and then joint Group Managing Directors.

Other board changes include the appointment of Brian Schwartz as Deputy Chairman. Schwartz has served on the Westfield board since 2009 and is currently chairman of IAG and a director of Brambles. He is a former Chairman and Chief Executive Officer of Ernst & Young and a former Chief Executive of Investec Bank (Australia).
Meanhwile, Peter Allen, the current Chief Financial Officer of Westfield Group, has been nominated as a director. He will stand for election at the upcoming Annual General Meeting and has the endorsement of the Group's board. He has been a senior executive with Westfield for 15 years, the past six as Chief Financial Officer.

The current country heads of the Group, including Michael Gutman for the UK and Europe, will continue in their roles, with Gutman also assuming responsibility for the development of business in new international markets.

Frank Lowy said he would be an active and involved Chairman staying close to the business and contributing to the strategy and all major decision-making for the Group. 'I am healthy and committed and I will continue to contribute to the Group which has been my life for more than 50 years,' he said. 'The time is right for these moves,' he added. 'They clarify my ongoing role and put the leadership of the Group in the best position to make the most of the exciting growth opportunities ahead.'