Frank Lowy says he will carry on as Westfield Corporation chairman because he has the support of shareholders.
The 85-year-old businessman was re-elected on Thursday, a week after stepping down as chairman of Scentre Group, which owns Westfield shopping malls in Australia and New Zealand.
Mr Lowy, who started the Westfield shopping centre chain 56 years ago, said he sought re-election at Westfield Corporation because he was asked to stand.
"I usually am not in places where I am not wanted," Mr Lowy told Westfield's 2016 annual general meeting in Sydney on Thursday.
"I was asked to be re-elected and I think the vote in my favour of 98 per cent seems to be that the shareholders want me also."
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
Some shareholders quizzed Mr Lowy about his motivation to step down from Scentre Group, which split from its parent company Westfield Corp in mid 2014.
Mr Lowy said, when Scentre Group was formed, he was asked to chair the company for the transition period.
"The transition period ended very successfully and I felt that it's time for me not to nominate again," he said.
Scentre Group was now doing very well and no longer needed his guidance, he said.
"I have used my experience and knowledge of the past many, many years. Scentre Group has it and they don't need me any more."
He said it was difficult to imagine how the new Westfield Corporation could have gotten off to a better start, with an international portfolio of 34 shopping centres in the US and the UK valued at $29 billion.
Since the restructure, the combined market capitalisation of both entities had risen from $30 billion to almost $48 billion, he said.
Chief executive Steven Lowy updated Westfield shareholders on the group's recent progress, saying specialty retail sales of $725 per square foot were flat for the three months to March, while flagship sales productivity rose 1.8 per cent to $905.
Mr Lowy said Westfield's portfolio was now 94.5 per cent leased, which was slightly up from last year.
"This is a solid operating result given that in the United States the macro-economic conditions have tapered, driven by continued global economic uncertainty, balanced with moderate GDP growth and solid employment data," Mr Lowy said.
He said Westfield's development program was progressing well as major retailers looked to reduce the number of their physical stores and focus on flagship stores in high profile locations.
Westfield shares were 19.5 cents, or 1.8 per cent, lower at $10.54 at 1250 AEST.
