Lowy Sons To Take Over as Westfield CEOs

SYDNEY-Frank Lowy, founder of the Westfield Group, has announced his plan to step down in May as executive chairman. His youngest sons, Peter and Steven, will be appointed as joint CEOs at the firm’s annual general meeting on May 25.

Lowy said in a statement that he will assume the role of non-executive chairman, and will continue to stay close to the business, contributing to the strategy and decision-making of the company. “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.

He said the time is right for the moves. “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,” Lowy said.

The company has investment interest in 119 shopping centers across Australia, the United States, the United Kingdom and New Zealand. Westfield recently reported a $2.3 billion profit in 2010, and Lowy said the firm will expand in its markets, especially London.

Both Peter and Steven have served with the company for more than 24 years. Peter started as an assistant treasurer with the firm in 1983, and Steven began work as manager of Garden State Plaza shopping center in New Jersey in 1987. The two have been joint group managing directors for the past 10 years.

David Lowy, Frank’s oldest son, is leaving the company’s board of directors after 35 years, but stays on as SEO of LFG Holdings, the private business group of the Lowy family. David Gonski is also leaving the Westfield board after 25 years at the post.

In further Westfield moves, Brian Schwartz will be appointed as deputy chairman, and Peter Allen, the current CFO, will be appointed as a director, pending election at the meeting.