This article is from the Australian Property Journal archive
WESTFIELD founder, chairman and soccer fanatic Frank Lowy will take on a new role as non-executive chairman, but Lowy said he will remain on the sidelines coaching the retail giant.
At the same time, his sons Peter and Steven Lowy will take over as joint CEO.
Frank Lowy said the changes represented a further step in the evolution of the group and its board which began more than a decade ago.
”With respect to management, for the past 10 years or so Peter and Steven Lowy have been joint group managing directors. Over this period the senior executive team, including the CFO and the country heads for each geographic region have also assumed a more important role.
“The new 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,” he added.
In addition, David Lowy and David Gonski who have served with distinction on the Westfield board for 34 years and 25 years respectively have indicated that they do not wish to seek re-election at the next Annual General Meeting.
David Lowy is CEO of LFG Holdings, the private business group of the Lowy family, which has expanded significantly in recent years.
The group has also appointed Brian Schwartz AM 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 CEO of Ernst & Young and a former chief executive of Investec Bank (Australia).
Meanwhile Peter Allen, the current chief financial officer, is seeking election to become a director.
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.
“The time is right for these moves,” he said. “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.”
Lowy said this was an important time for Westfield.
“We have recently completed a major capital restructure which will improve the long-term growth profile of the group, we are close to completion of two major projects at Westfield Sydney and at Stratford in London and we are reviewing opportunities for further development and international expansion.
“This is undoubtedly a significant moment in the company’s history and I am proud that we are able to execute the changes announced today with such confidence,” he concluded.
Australian Property Journal