Co-CEO of Westfield, Peter Lowy, has decided to stay with the company after announcing he would leave following restructuring. At the urging of his father Frank Lowy and his brother, co-CEO Steven, Peter Lowy has decided to continue at Westfield given that the “prospects for the company are exciting, ” he told the Australian.
Westfield just completed a prodigious de-merger in which its Australian and New Zealand malls were spun off into a separate entity called Scentre Group. The company reported a net profit of $582 million, but sustained a loss of $215 million related to the spin-off. Chairman and founder Frank Lowy, however, was pleased with the results of the restructuring now that the combined entities are worth $41 billion.
According to the Wall Street Journal, one reason Pete Lowy finds his company so exciting is that if Westfield continues with the success it is has seen in its London, Milan and U.S. malls, it could see 50% growth in its property portfolio in just 5 years. Westfield is planning to build a mall on the site of the World Trade Center, as well as the Century City mall in L.A. which could be completed by 2017 or 2018. Construction of the Mega Mall in Milan could begin in 2016 or 2018.