Westfield Corporation co-CEO Peter Lowy has cancelled plans to step down from his role with the international shopping centre giant.

Lowy, who leads the company alongside his brother Steven, had been due to leave the position in 2015, but has agreed to stay on at the request of the board of directors.

Meanwhile, Westfield has lifted income from its international shopping centres by more than five per cent during 2014 and has forecast a four per cent lift in funds from operations this year.

The company, which includes Westfield’s operations in the US, UK and Europe, reported a 5.3 per cent increase in comparable income during the calendar year.

Westfield Corp was formed in June 2014 after spinning off its Australian and New Zealand shopping centres to a new entity, called Scentre.

The group expects to lift funds from operations four per cent to 37.7 cents per security during 2015 and pay shareholders a distribution of 25.1 cents.

AAP