Frank Lowy will retire as chairman of Scentre Group at the company’s annual general meeting in May 2016.

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

The board of Scentre Group has appointed deputy chairman, Brian Schwartz, to succeed Lowy as chairman with effect from the date of his retirement.

Lowy said he believed the timing is right to announce his retirement from Scentre Group given it had successfully completed its establishment phase following the restructure of Westfield Group in June 2014. At the time of the restructure, Lowy said he would lead Scentre Group during its formative period.

Lowy said the Lowy Family Group would continue with its investment in Scentre Group and Steven Lowy will continue to serve as a non executive director.

“It has been a privilege to have led Westfield in Australia since it was established in 1960 and Scentre Group which continues the legacy of the Westfield brand,” Frank Lowy said.

“It is never easy to leave a role like this but I do so in the knowledge that Scentre is in an extremely strong position and that its future is full of opportunity for further growth and success.

“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.”

Schwartz said he was honoured to be appointed chairman.

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

“He has built a global business that continues to be at the forefront of the industry today.

“And in Australia, his efforts have made a massive economic and social contribution to the life of the nation.”

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