The Lowy Family's hold on Westfield Group was eased a touch yesterday with David Lowy stepping down (along with long time director, David Gonski), and 80 year old co-founder frank Lowy stepping back to be a non-executive chairman.

The news, conveyed to the market in this announcement had little impact on the securities of Westfield Group; they closed down 7c at $9.57 in a market that was weaker all day.

The securities of the associated Westfield Retail Group rose 3c to $2.70 with analysts say they were reacting to the positive news about the Centro group which may have a new life after its near death experience.

Frank Lowy is not a director of Westfield Retail; Steven is the only family member on the board.

Mr Lowy moves from executive chairman of Westfield Group to the post of non-executive chairman, leaving the day-to-day running of the vast empire to his two younger sons, Peter and Steven.

Mr Lowy set up the group with John Saunders and has been considered a pioneer in shopping centre developments. The most recent is the $2.1 billion Westfield Sydney in the Pitt Street Mall and the new malls in London's west end and at Stratford, the home of the athletes' village for next year's London Olympics.

As well as this change,