Steven Lowy

Last updated

Steven Lowy
AM
Steven Lowy.jpg
Steven Lowy at the Art Gallery of NSW
Born(1962-11-24)November 24, 1962
Sydney, Australia
Occupation(s)A principal, Lowy Family Group.
Board member of
Spouse
Judy Lowy (Levin) OAM
​
​
(m. 1986)​
Children4
Parents

Steven Mark Lowy AM (born 24 November 1962) is a leading Australian businessman and philanthropist. He is the former co-chief executive officer of Westfield Corporation, a leading global shopping centre company that was acquired by French company Unibail-Rodamco in 2018 in what was one of the largest transactions in Australian corporate history. [1] His principal activities now focus on investments associated with the Lowy family’s private company, Lowy Family Group, [2] as well as a number of philanthropic and community roles including as Deputy Chairman of Australia's leading foreign policy think tank, the Lowy Institute; a director of the Lowy Foundation and Lowy Medical Research Foundation and Neurotech Pharmaceuticals Inc; President of the Hakoah Club; [3] a board member and trustee of Keren Hayesod-UIA; and on the Executive and Board of Governors of the Jewish Agency for Israel.

Contents

During his career Lowy has served on numerous corporate and philanthropic boards including Chairman of world board of trustees of Keren Hayesod-UIA, Westfield Corporation, the Australian Shopping Centre Council, Scentre Group, as Chairman of Football Federation Australia and president of the board of trustees of the Art Gallery of New South Wales. He is also a former Chairman of the Victor Chang Cardiac Research Institute.

Lowy is the third and youngest son of Frank Lowy, a co-founder of Westfield. The Lowy family is one of the most prominent business families in Australia with a reported net worth in excess of $8  billion in 2016. [4] In late 2014, Steven Lowy’s life was documented in a feature article in The AFR Magazine , "The Son Rises: Steven Lowy ascends at Westfield". [5] In 2010 Lowy was appointed a Member of the Order of Australia for service to business, philanthropy, the arts and medical research. [6]

Early life and education

Lowy was born to a traditional Jewish family, [7] [8] in Sydney, the youngest son of Shirley and Frank Lowy, and educated at Sydney Grammar School and the University of New South Wales where he graduated as a Bachelor of Commerce (Honours). He was awarded the University Prize for his honours thesis [9] and later co-authored a paper with Professor Mark Hirst published in the academic journal Accounting, Organizations and Society. [10] He received a Doctorate of Business (honoris causa) from UNSW in 2024.

He joined Westfield Holdings in 1987, was appointed a director of Westfield Holdings in 1989 and a Managing Director in 1997.[ citation needed ] He has also been a director of Westfield Management Limited, the manager of Australia’s then leading retail property trust, Westfield Trust since 1988.[ citation needed ] Prior to joining Westfield Holdings in 1987 he worked in investment banking at First Boston Corporation [11] in the US for two years.

Westfield

Westfield was listed on the Sydney Stock Exchange in 1960 by Lowy’s father, Frank and his partner John Saunders. [12] The pair were newly arrived immigrants to Australia and had opened a small delicatessen shop in the western suburbs of Sydney. [12] Their venture was a success and their ambition led to the expansion of their business to include the development of residential housing and larger shopping centres. [13]

The first Westfield centre was built in Blacktown in Sydney’s western suburbs in 1959. [14] This was shortly followed by a new centre in Hornsby in Sydney’s north in 1961. The company flourished and expanded to other Australian cities and then the United States in the mid-1970s and to New Zealand in 1997 and the United Kingdom in 2000. At this point, Westfield had 86 centres in its global portfolio, with some 13,200 retailers and $24.1 billion in assets. [15]

In 2004, the various Westfield entities were merged to create Westfield Group to provide the scale and financial heft required to continue international expansion. [12] This led to the creation of two landmark shopping centres in London (Westfield London at Shepherd’s Bush in 2008) and Westfield Stratford City (on the site of the 2012 London Olympics) in 2011.[ citation needed ]

In 2014 Westfield Group underwent another major corporate restructure in which its Australian and New Zealand operations merged with Westfield Retail Trust to create a new company, Scentre Group. At the same time, another new, separate company, Westfield Corporation, was created to own and manage the former Westfield Group’s shopping centres in the US and UK. Westfield Corporation opened Westfield World Trade Center in New York on 16 August 2016 and advanced plans to build its first shopping centre in Europe, in Milan Italy. [16] [17]

A feature of the company was a marked shift towards high quality "iconic" or flagship malls showcasing the world’s best retailers and luxury brands.[ citation needed ] Five-star service and upscale restaurants and entertainment were a critical element in this shift, as was its adoption of a more aggressive "innovation" strategy to use digital technology "to better connect the retailer with the shopper". [18] [19] Since the establishment of Westfield Labs based in San Francisco in 2012, several digital initiatives were piloted and implemented in several Westfield shopping centres around the world. Westfield Labs has been recognised by Fast Company magazine as one of the 50 most innovative companies in the world, and as one of the Top 10 retail companies for "giving the mall a high-tech makeover". [20] Following the sale of Westfield Corporation to Unibail Rodamco in 2018 Westfield’s former retail digital business was transferred to a new and separate entity OneMarket which was chaired by Steven Lowy AM. [21] OneMarket was wound up in December 2019.

Philanthropy and community activity

Lowy is currently President of Hakoah Club Sydney, a board member and trustee of Keren Hayesod-UIA, and on the Executive and Board of Governors of the Jewish Agency for Israel. He is a former Chairman of the World Board of Trustees of Keren Hayesod-UIA (2019-2024) and recipient of Ze’ev Jabotinsky award. He is a former president of the board of trustees of the Art Gallery of New South Wales (2006-2013) and now a Life Governor, Chairman of the Victor Chang Cardiac Research Institute (2008-2013), now a Life Patron and Governor, and is the Deputy Chairman of the Lowy Institute Australia's leading foreign policy think tank, and the Lowy Medical Research Institute, a private medical organisation. [22] [23] [24] [25]

Steven was a member of the Prime Minister’s Business-Government Advisory Group on National Security and has been the presiding officer of the NSW Police Force associate degree in Policing Practice Board of Management. [26]

Together with his father, Frank, and two brothers, David and Peter, he plays a key role in decisions about the Lowy family’s philanthropic activities. [27] In recent years, the family has supported the establishment of the Lowy Cancer Centre at the University of NSW, [28] a new building (the Lowy Packer Building) to house the Victor Chang Cardiac Research Institute and the St Vincent's Centre for Applied Medical Research. The building was opened by Princess Mary of Denmark on 3 September 2008. [29] In 2013 Frank Lowy revealed to a Philanthropy Australia audience that his family had donated more than $350 million to various causes during the previous decade. [30] This has since increased considerably.

Football

Lowy is a passionate soccer fan and played the game competitively throughout his youth.[ citation needed ] He continued to compete in masters tournaments [31] until injury ended his playing career in his early ‘50s.[ citation needed ] On 17 November 2015 he was elected as a director of Football Federation Australia (FFA) by nine state football federations and a representative of the 10 Hyundai A-League clubs which form Australia's national football competition. He was then elected chairman by his fellow directors. The move attracted criticism from the football community for apparent nepotism, and Steven's lack of success outside his father's business influence [32] under his leadership. FFA achieved its highest income and sponsorship on record and the Socceroos qualified for their fourth consecutive World Cup (one of only 12 teams to do so) and together with Prime Minister Malcolm Turnbull, launched Australia's bid to host the 2023 Women's World Cup. [33] [34] The bid was subsequently successful and has left a huge legacy for women's sport, in particular football, in Australia. Steven Lowy's tenure as chairman ended in November 2018, after a protracted conflict with the A-League clubs and other elements of the football community regarding a desire to expand the democratic nature of the Federation, and to split the A-League away from the FFA's direct control into a new English Premier League style club owned structure. [35] Steven's fears for the restructuring of the game have been proved correct. Since the split of the A-League from Football Australia, important metrics including revenues, match attendance and club distributions have reduced materially.

Personal life

Lowy married Judy Levin in 1986.[ citation needed ] They have four children. [36]

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References

  1. ↑ "How Westfield's Frank Lowy consummated Australia's biggest M&A deal". Financial Review. 15 March 2018. Retrieved 17 July 2018.
  2. ↑ "The untold story of how Australia won hosting rights to the Women's World Cup". Sydney Morning Herald. Retrieved 18 August 2023.
  3. ↑ "Steven Lowy takes over the reins at Hakoah". J-Wire. 13 March 2019. Retrieved 9 June 2020.
  4. ↑ Stensholt, John, ed. (27 May 2016). "2016 BRW Rich 200". Financial Review . Australia. Retrieved 7 June 2016.
  5. ↑ "The Son Rises: Steven Lowy ascends at Westfield". The AFR Magazine . Australia. Retrieved 13 March 2015.
  6. ↑ "Steven Lowy out of father's shadow". Sydney Morning Herald . 26 January 2010.
  7. ↑ Hewett, Jennifer (13 November 2010). "Holocaust truth set Frank Lowy free". The Australian .
  8. ↑ "2013 Company Annual Report - Moriah College". Australia: Moriah College. 29 May 2014. Retrieved 7 June 2016.
  9. ↑ "Steven Lowy New President of Art Gallery of New South Wales". Art Gallery of New South Wales . Retrieved 13 March 2015.
  10. ↑ Hirst, Mark K.; Lowy, Steven M. (1990). "The linear additive and interactive effects of budgetary goal difficulty and feedback on performance". Accounting, Organizations and Society. 15 (5): 425–436. doi:10.1016/0361-3682(90)90026-Q.
  11. ↑ "The son rises: the ascendancy of Westfield's Steven Lowy". Australian Financial Review. Australia. Retrieved 13 March 2015.
  12. 1 2 3 Myer, Rod; Lynch, Michael (24 April 2004). "No longer a family affair". The Age . Retrieved 7 June 2016.
  13. ↑ "Westfield Fiftieth Anniversary". westfieldcorp.com. Westfield. Retrieved 13 March 2015.
  14. ↑ "Modern, American, Convenient and New". westfieldcorp.com. Westfield. Retrieved 13 March 2015.
  15. ↑ "Westfield Holdings Limited Annual Report 2001" (PDF). westfieldcorp.com. Westfield. Retrieved 13 March 2015.
  16. ↑ "Westfield World Trade Center". westfield.com. Westfield Corporation. Retrieved 21 September 2016.
  17. ↑ "Westfield Expands Global Platform Into Milan: Media Release" (PDF). westfieldcorp.com. Westfield Corporation. Retrieved 13 March 2015.
  18. ↑ "Kevin McKenzie on Reinventing the Shopping Mall". Business of Fashion. Business of Fashion. Retrieved 13 March 2015.
  19. ↑ "Westfield launches Searchable Mall". Inside Retail. Inside Retail. Retrieved 13 March 2015.
  20. ↑ "Most Innovative Companies 2015: Westfield Labs for giving the mall a high-tech makeover". Fast Company.com. Fast Company. Retrieved 13 March 2015.
  21. ↑ "Board - OneMarket". OneMarket. Retrieved 17 July 2018.
  22. ↑ "Steven Lowy to stand down as Chairman". Victor Chang. Victor Chang Cardiac Research Institute. Retrieved 13 March 2015.
  23. ↑ "Mr Steven M. Lowy AM". Lowy Institute. Lowy Institute for International Policy. Retrieved 13 March 2015.
  24. ↑ "Steven Lowy to retire as President of Art Gallery of NSW". Art Gallery of NSW. Art Gallery of NSW. Retrieved 13 March 2015.
  25. ↑ "The Directors of The Lowy Medical Research Institute Limited". The Lowy Medical Research Institute Limited. The Lowy Medical Research Institute. Retrieved 13 March 2015.
  26. ↑ "Scentre Group Ltd Executive Profile: Steven Mark Lowy AM". Bloomberg. Bloomberg.
  27. ↑ z8922934 (13 November 2013). "Australia's most generous". UNSW Newsroom. Retrieved 9 June 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
  28. ↑ "About the Lowy Gift". Lowy Cancer Research Centre. Lowy Cancer Research Centre. Retrieved 13 March 2015.
  29. ↑ Tovey, Josephine. "Princess Mary opens Victor Chang centre". smh.com.au. Sydney Morning Herald. Retrieved 13 March 2015.
  30. ↑ "Lowy urges people to get involved in philanthropy". theaustralian.com.au. The Australian. Retrieved 13 March 2015.
  31. ↑ "Finishing off the 1997 journey". Maccabi Australia. Maccabi Australia. Retrieved 13 March 2015.
  32. ↑ Gatt, Ray (18 November 2015). "FFA: new chairman Steven Lowy privileged to take soccer's reins".
  33. ↑ "Australia among eight remaining bids to host Women's World Cup". The World Game. Retrieved 9 June 2020.
  34. ↑ "The untold story of how Australia won hosting rights to the Women's World Cup". Sydney Morning Herald. Retrieved 18 August 2023.
  35. ↑ "Football: Steven Lowy lashes FFA critics through exit door". Wide World of Sports. 19 November 2018.
  36. ↑ "Steven Lowy". Jewish Agencydate=23 July 2023.
Government offices
Preceded by President of the Board of Trustees of the Art Gallery of New South Wales
2007–2013		Succeeded by
Guido Belgiorno-Nettis
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