Westfield has announced a number of changes to its board of directors, including the decision of company co-founder Frank Lowy to exit the role of executive chairman.
Frank Lowy will instead assume the role of non-executive chairman. His two sons, Peter and Steven Lowy, will move from being joint group managing directors of Westfield Group to joint CEOs.
Peter and Steven Lowy have served 28 and 24 years with Westfield Group respectively.
Other changes include the decision of a third son, David Lowy, and colleague David Gonski, to step down from the Westfield Group board. They are expected to be replaced with the appointment of Westfield Group's CFO, Peter Allen, to the board.
The changes came in the wake of a number of additional appointments to Westfield Group's board since 2008. Frank Lowy said the decision to spread the leadership duties of the company more widely was part of a “consistent and orderly” succession plan.
“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.”
All changes will take effect at Westfield Group's annual general meeting, to be held on May 25, 2011.
Westfield currently operates 119 shopping centres across Australia, New Zealand, the US and UK.