Westfield announces changes to board and executive structures for next growth phase

05 June 2000

Countries: Australia

The Chairman of Westfield Holdings Limited, Mr Frank Lowy AC,today announced a number of changes involving the senior managementand board of the company.

These changes are designed to take Westfield into its nextgrowth phase. With the establishment of its United Kingdom businessas well as the Group’s continuing growth and development in theUnited States, Australia and New Zealand, Westfield is now firmlyestablished on three continents.

Mr Lowy said that changes would be made to the board structureof Westfield Holdings Limited and Westfield America Inc.

David Lowy will be elevated to the position of non-executiveDeputy Chairman of Westfield Holdings. He will share this role withthe present Deputy Chairman, Fred Hilmer, who will continue tochair the audit and compliance committee of Westfield Holdings andserve on the remuneration committee.

David Lowy will also relinquish his day-to-day executiveresponsibilities in the Company to manage the private businessinterests of the Lowy family, but will retain responsibility forthe development of Westfield’s Internet Shoppingtown.

David Lowy and Fred Hilmer will resign from the board ofWestfield America Inc. They will be replaced by Steven Lowy andRichard Green.

Mr Frank Lowy said that operating responsibilities would bedivided into two major sectors. Peter Lowy will assume soleresponsibility as Managing Director for North America while StevenLowy will be Managing Director responsible for Australia, NewZealand and the United Kingdom.

In North America, Dimitri Vazelakis and John Schroder have beenpromoted to the role of joint Chief Operating Officers – reportingdirectly to Peter Lowy. Richard Green will take up the position ofvice chairman of the US operations and will work with Peter Lowy onpursuing new business opportunities and managing relationships withWestfield’s top retail clients, as well as advising on developmentissues.

Steven Lowy is supported by a broadly parallel structure inAustralia, with Bob Jordan and Michael Gutman serving as jointChief Operating Officers. In addition, Grant Hirst, Director NewZealand and Peter Allen, Director United Kingdom / Europe, willcontinue in their roles, reporting to Steven Lowy.

Mr Lowy, said “I greatly look forward to working with thisstructure in my role as executive Chairman. These changes havebroadened the responsibilities of our senior executive team, andalong with the changes to our Board structure, have effectivelypositioned us for continuing our global growth strategy.”