Frank Lowy's successor at Scentre Group feels like he's coming off the bench to replace soccer great Pele.
Mr Lowy stepped down as chairman of Scentre Group, the owner of Westfield shopping malls in Australia and New Zealand, and handed the reins to director Brian Schwartz on Thursday.
A former Football Federation of Australia (FFA) chair, Mr Lowy plans to stay on as Westfield Corporation chairman.
Mr Schwartz, meanwhile, has retired from his role as deputy FFA chairman to concentrate on his new job and found a fitting football analogy for his feelings.
"I'm genuinely honoured and humbled to follow you as chairman of Scentre Group, but I've also to confess that in following you I know what it must have felt like to follow Pele onto the field," Mr Schwartz told the company's annual general meeting (AGM) in Sydney on Thursday.
Mr Schwartz paid tribute to Mr Lowy, describing him as the undisputed leader of the shopping centre industry and a respected global citizen in sport, philanthropy and international relations.
"Your story has become part of folklore - not just of Australian business, but of Australian post-war life," he said.
Mr Lowy said he felt "good and appreciated" after receiving a warm reception at the Scentre AGM.
"Still I have a job, still chairman of Westfield and I've got a few other interests so I'm not going to be bored," Mr Lowy told AAP.
He said it was an emotional day for him as he took a nostalgic look at the Westfield shopping centre chain, 56 years after he and late co-founder John Saunders began developing the first shopping centre in western Sydney.
Scentre Group split from its parent company Westfield Corp in mid 2014.
But Mr Lowy, who began his career as a factory worker in Sydney, said there was much to be optimistic about, not just for Scentre Group but the future of Australia.
"I came here with almost nothing, but I was embraced and given every opportunity to succeed and flourish," he said.
He added that he had seen through the Scentre transition over the past two years and provided continuity for the group which would remain in good hands.
Scentre said it had seen strong sales growth in the March quarter as specialty sales rose 4.5 per cent during the quarter in Australia and 6.3 per cent in New Zealand.
The group expects a three per cent increase in funds from operations in 2016, with a likely two per cent increase in distribution to 21.3 cents per security.
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