Scentre Group director Steven Lowy has announced his intention to retire from the board of the property group in April 2019.
Lowy formally advised the board of his plans at the annual general meeting last week, saying it was the right time to step down from his position.
Scentre Group chairman Brian Schwartz noted that Lowy had brought a unique perspective to the board and held unmatched knowledge of the global retail property industry.
“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,” Lowy said.
“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.”
Earlier in the month Scentre Group reported a strong third quarter, which saw occupancy levels above 99.5 per cent and specialty in-store sales increasing 2 per cent for the year.
Scentre Group took the opportunity to reiterate expectations of an approximate growth in funds from operations of 4 per cent in 2018.
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