Lowy starts to hand over West­field

Townsville Bulletin - - Investor -

FRANK Lowy is hand­ing the day-to-day con­trol of shop­ping cen­tre gi­ant West­field Group to his sons, just over 50 years since he co-founded the com­pany in Syd­ney’s west­ern sub­urbs.

Mr Lowy’s first step to­ward ex­it­ing the com­pany, now worth more than $ 22.2 bil­lion, is one of sev­eral changes to West­field’s board an­nounced on Wed­nes­day that are set to take ef­fect from late-May.

His son David Lowy and high-rank­ing busi­ness­man David Gon­ski will de­part t heir r ol es as direc­tors, while chief fi­nan­cial of­fi­cer Peter Allen will take a seat at the board, pend­ing share­holder ap­proval.

The 80-year-old Frank Lowy, one of Aus­tralia’s rich­est peo­ple, will step down as chair­man to be­come non-ex­ec­u­tive chair­man, which means he will no longer hold an op­er­a­tional role in West­field or be con­nected to its daily busi­ness.

Brian Schwartz, a West­field di­rec­tor since 2009, will be­come deputy chair­man.

Frank Lowy’s other two sons, Peter and Steven, cur- rently joint man­ag­ing direc­tors, will also be joint chief ex­ec­u­tives when the changes take ef­fect at West­field’s an­nual gen­eral meet­ing on May 25.

Frank Lowy, who founded West­field with John Saun­ders in 1959 with the con­struc­tion of a shop­ping cen­tre in Black­town, said he would re­main in­volved with the com­pany de­spite the move.

‘‘ 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. They clar­ify my on­go­ing role and put the lead­er­ship in the best po­si­tion to make the most of the growth op­por­tu­ni­ties ahead.’’

He will con­tinue in his role as chair­man of the Foot­ball Fed­er­a­tion of Aus­tralia and the Lowy In­sti­tute for In­ter­na­tional Pol­icy.

David Lowy has been a mem­ber of the West­field board f or 34 years, and played a key role in its move to the United States, where it now owns 55 shop­ping cen­tres.

NEW ERA: Frank Lowy ( sec­ond from left) with West­field

ex­ec­u­tives David, Steven and Peter Lowy

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