Former Reserve Bank of Australia board member Dick Warburton is stepping down as director of Scentre Group, the owner of Westfield’s Australian and New Zealand shopping centres.

The company, on Monday, said Warburton had informed the board he would not seek re-election as director at the annual general meeting on May 5.

Warburton will retire at the conclusion of that meeting.

“It has been a privilege to have served as the chairman of Westfield Retail Trust and a director of Scentre Group,” Warburton said.

“I think it is the right time to retire in light of the successful restructure of Westfield Group and Westfield Retail Trust,” he added.

Warburton joined Westfield Retail Trust as chairman in 2010, and oversaw the spin-off of the Scentre Group from Westfield’s international business in 2014.