Frank Lowy is set to retire as chairman of Scentre Group in May 2016, to be replaced by deputy chairman Brian Schwartz.
Mr Lowy said he believed it was the right time to depart the company as it has established itself in its own right following its split from Westfield Group in June 2014.
At the time of the demerger, Mr Lowy committed to lead Scentre during its "formative period". He will continue as chairman of Westfield Corporation.
Scentre was created through the merger of Westfield Group’s Australian and New Zealand assets and operating platform with Westfield Retail Trust.
Mr Lowy said the Lowy Family Group would continue with its investment in Scentre Group, and that his son Steven Lowy would continue to serve as a non-executive director of the company.
"It has been a privilege to have led Westfield in Australia since it was established in 1960 and Scentre Group which continues the legacy of the Westfield brand,” Mr Lowy said.
"It is never easy to leave a role like this but I do so in the knowledge that Scentre is in an extremely strong position and that its future is full of opportunity for further growth and success.
"The transition to new leadership has been carefully planned and I have the utmost confidence that Brian Schwartz as the incoming chairman, and CEO Peter Allen, will make the most of those opportunities."