PHOTO: MARK KOLBE/GETTY IMAGES – Frank Lowy, a Holocaust survivor, was an Australian refugee before founding Westfield.
Westfield founder and chairman Frank Lowy says he is “totally at peace” with the A$33 billion (NZ$36b) takeover of his shopping empire that heralds his retirement.
Lowy’s teary farewell of his almost 60 year-old company was on Thursday met with a standing ovation from current and former executives along with shareholders at his final annual general meeting as Westfield chairman.
The company was established in Sydney’s west and listed on the sharemarket in 1960, before growing rapidly under the control of Lowy, who was chief executive for 50 years before handing over to his sons Steven and Peter in 2011.
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