Mr Steven Lowy AM today announced that he would retire and not seek re-election as a director of Scentre Group (ASX: SCG) at the company’s Annual General Meeting in April 2019.
Mr Lowy formally advised the Scentre Group board of his decision at a board meeting today. Mr Lowy said he considered it was the right time to step down. “It has been a privilege to serve on the board of Scentre Group since it was established following the restructure of the Westfield Group in 2014”, Mr Lowy said.
Mr Brian Schwartz AM, Chairman of Scentre Group said “Steven has brought a unique perspective to the board with his unmatched knowledge of the global retail property industry, and I thank him for his valuable contribution and wish him well in his future endeavours.”
“It is not easy to leave a position in a business that has been such a large part of my life for over 30 years. I do so knowing that Scentre Group is in great hands and is well positioned for further growth,” Mr Lowy said. Mr Lowy thanked the Chairman and fellow directors for their support and acknowledged thousands of Scentre Group staff for the success of the company.
Mr Lowy said that the Lowy Family Group’s investment in Scentre Group remains intact since its establishment in 2014 and is independent from his position on the board.