Mr Frank Lowy AC today announced that he would retire as Chairman of Scentre Group (ASX: SCG) at the company’s Annual General Meeting in May 2016.
He formally advised the Scentre Group board of his decision at today’s board meeting which appointed Deputy Chairman, Mr Brian Schwartz AM, to succeed Mr Lowy as Chairman with effect from the date of Mr Lowy’s retirement.
Mr 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 AM 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.
Mr Lowy will continue in his role as Chairman of Westfield Corporation (ASX: WFD).
Scentre Group (ASX Code: SCG) is the owner and operator of Westfield in Australia and New Zealand employing approximately 2,700 staff in Australia and New Zealand. Scentre Group has interests in and operates 43 centres located in Australia and New Zealand, encompassing approximately 12,100 tenants and total assets under management of $40.7 billion.
The financial information included in this release is based on the Scentre Group’s IFRS financial statements. Non IFRS financial information has not been audited or reviewed.
This release contains forward-looking statements, including statements regarding future earnings and distributions that are based on information and assumptions available to us as of the date of this presentation. Actual results, performance or achievements could be significantly different from those expressed in, or implied by, these forward looking statements. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. You should not place undue reliance on these forward-looking statements.
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