Frank Lowy to retire as chairman of Scentre Group

Frank Lowy has announced he will retire as chairman of the ASX-listed Scentre Group at the company's annual general meeting in May 2016.

The Scentre board has appointed deputy chairman Brian Schwartz to succeed Lowy.

Lowy said it was the right time to announce his retirement from Scentre Group given that it had successfully completed its establishment phase following the restructuring of the Westfield Group in June 2014. 

"The transition to new leadership has been carefully planned and I have the utmost confidence that Brian Schwartz as the incoming chairman, and CEO Peter Allen, will make the most of those opportunities," he said.

“Frank has been one of the outstanding business and community leaders of the past 50 years,” Schwartz said.

Lowy said the Lowy Family Group would continue with its investment in Scentre Group.

He will continue in his role as chairman of Westfield Corporation.

Steven Lowy will continue to be a non-executive director of the Scentre Group.