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.
He said he considered it was the right time to step down after serving on the board since the Scentre Group was established following the restructure of the Westfield Group in 2014.
The Scentre Group (ASX:SCG) is a shopping centre company with retail destinations operating under the Westfield brand in Australia and New Zealand. The corporation undertakes ownership, development, design, construction, funds/asset management, property management, leasing, and marketing activities for its centres.
Mr Lowy said that the Lowy Family Group’s investment in Scentre Group remains intact and is independent from his position on the board.
Shares in Scentre Group (ASX:SCG) closed 0.76 per cent higher to $3.99 yesterday.