Shopping centre giant Westfield has confirmed a major shake-up ahead for its board and committee structure.
The company has announced a number of changes set to take place over the coming month, following the resignation of management heads Stephen Johns and professor Fred Hilmer.
The pair have served on the Westfield board for 27 years and 21 years respectively, and have indicated that they will not seek re-election at the upcoming Annual General Meeting to be held on May 29, 2013.
Commenting on their departure from the group, Westfield Chairman Frank Lowy paid tribute to the outstanding service provided by both directors to the group and said the following changes will be implemented following their retirement, as agreed by the board:
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Mark G Johnson, formerly the CEO of PricewaterhouseCoopers will stand for election at the AGM. If elected, it is proposed that Johnson join the Audit & Risk Committee.
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The Audit & Compliance Committee and the Board Risk Management Committee are to be merged to form the Audit & Risk Committee.
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Brian Schwartz is to be appointed as chairman of the Audit & Risk Committee. Professor Judith Sloan and Johnson (subject to his election) will also be appointed to the Audit & Risk Committee.
“Both Stephen and Fred have been key figures on the Westfield Board for more than 20 years. They have served the group through a phase of continued growth and have been instrumental in the success of the group over a long period. Their experience, wisdom and collegiate approach will be greatly missed,” Lowy said.
“I look forward to acknowledging the contributions made by both Stephen and Fred at the May AGM.”
Johns joined the group in 1970 and served the group for more than 30 years in various executive capacities before his in his appointment in 1985 as group finance director, a position he held until 2002. Johns continued to serve the group as a non-executive director following his retirement as an executive and has also served as chair of the Risk Management Committee and as a member of the Audit Committee.
Hilmer joined the Westfield Group as a non-executive director in 1991 and since that time has served as deputy chairman, lead independent director and chairman of the Audit and Remuneration Committees.