Canberra tycoon Terry Snow announces retirement at age 80

"I am filled with immense pride and satisfaction," Mr Snow said, looking back on his achievements, starting 50 years ago but galvanising with the bold move to purchase the Canberra airport 26 years ago.

While he stopped being a part of the day-to-day business back in December, Mr Snow on Wednesday officially retires from "active management" at the Canberra Airport and the Capital Property Group, stepping down as executive chairman of both entities.

Mr Snow, who is dealing with ongoing health issues, believes now is the time to retreat from public life and leave the business to the next generation.

Mr Snow's son Stephen Byron will remain as airport and group CEO. His other son Tom Snow will be the new chair of the airport board.

"My sons, Stephen and Tom, have been constant sources of inspiration, and my wife, Ginette, along with my daughters, Georgina and Scarlett, have shown incredible commitment to the success of this airport. This airport is as much theirs as it is mine," Mr Snow said.

From a larrikin kid who used to play in the bush around Queanbeyan and who just wanted to prove himself to his older brother, Mr Snow has become a titan in the Canberra business world.

In 1998, he made the canny decision to purchase from the federal government the Canberra airport, on a 99-year lease, for $65 million and turned it into a major transport and property hub. The family's business interests now run from the emerging suburb of Denman Prospect to inner-city development in Civic to the showpiece $100 million horse stud Willinga Park at Bawley Point on the South Coast, where Mr Snow has chosen to spend more and more of his time, in the company of his beloved stock horses.

He and his family were this year listed as No.48 on The Australian's Australia's Richest 250, with an estimated worth of $2.8 billion. But Mr Snow says money has never been the driver.

"I'm very passionate about what I do and I think the reason I've been successful is because of this passion and commitment. And it's not about money. My life is not about money," Mr Snow said.

The family also established an ethos of giving back, the Snow Foundation founded in 1991 by Terry and his brother George to "make a difference to people's lives".

The foundation, with Georgina Byron now the CEO, has become one of the largest philanthropic organisations in Australia, funding more than 400 organisations and 420 individuals and giving away more than $80 million since its inception.

Last year, the family announced a donation of $100 million to establish a world-leading immunology research centre in Melbourne to find answers to autoimmune diseases such as lupus and rheumatoid arthritis.

They also gave $1 million to bring cheaper funerals to Canberra later this year.

In the last 26 years, Mr Snow has invested more than $2 billion in aviation, commercial, and retail infrastructure to grow the airport precinct into a "modern and sophisticated transportation and business hub".

Mr Snow said he was satisfied he took a provincial airport and made it "unquestionably the best airport terminal in the country", the surrounding paddocks also gradually being transformed into the Brindabella Business Park and Majura Park shopping centre.

The historic Fairbairn base was also rejuvenated under his leadership, home now to organisations including the ACT Emergency Services Agency and, most recently, headquarters of the Therapeutic Goods Administration.

He also championed the development of new domestic and international routes from Canberra airport.

Mr Snow also praised his staff who helped realise the dream of creating an airport worthy of his home town, the national capital.

"Looking back from what was literally a humble tin shed in a paddock in 1998 to what we have today, our journey is a testament to our unwavering commitment and passion for quality and excellence," he said.

"We have transformed our vision into a reality for this city, and it is something of which I am incredibly proud.

"Some of my proudest moments are not just about the physical developments we have made, but about the team and the culture we have built. The dedication, professionalism, and camaraderie of our staff will continue to uphold the high standards we have set. The legacy we have built together will continue to thrive and serve our community for years to come."

Canberra Airport CEO Stephen Byron paid tribute to his father's leadership.

"We are immensely grateful for Terry's leadership, unwavering commitment to excellence, and visionary thinking, which has been truly remarkable," Mr Byron said.

"It has been a privilege to witness our airport grow from a humble tin shed in a paddock to the best little airport in the world.

"His legacy is not only in the remarkable developments but also in the people who make up our organisation. His passion for our city, his hometown, and his country's national capital, as well as his belief in giving people a chance, have always been his mantra.

"This philosophy has allowed us to build an incredible culture within our business, creating a team that is second to none.

"We are firmly set up for the many opportunities ahead of us, and there is much to do, not only at Canberra Airport, Denman Prospect but also in our other projects, including developing two new sites in the City Centre."

Mr Snow's grandfather E.R. Snow came to Canberra in 1926 to establish the national capital's first general store, in the Sydney Building, in Civic.

His parents Bob and Jess owned a hotel in Queanbeyan, the Hotel Queanbeyan, now the Top Pub. Mr Snow went to Canberra Grammar School, initially as a boarder, enjoying his mates and the sport, despite being "mildly dyslexic". Decades later, he donated $20 million to his alma mater, leading to the opening of the Snow Concert Hall at the school in 2023.

The family moved to Canberra and the home base was in Deakin, where Mr Snow lived from the ages of 10 to 22, remembering his dad putting the children to work in the garden all day on Sundays. He and Ginnette still live in Deakin.

A one-time accountant, Mr Snow later - and happily - moved into real estate and property development. Always with his dad's words ringing in his head: "If a job's worth doing, it's worth doing well".

Mr Snow has been described is direct and "laser-focused". There is "no Canberra fluff" with him, one of his friends reckons.

In 2006, Mr Snow was made a Member of the Order of Australia (AM) for his service to the construction and building industry, particularly the redevelopment of the airport, and for his support of a range of charitable organisations.

It has all been "an incredible journey".

"The legacy we have built together will continue to thrive and serve our community for years to come," Mr Snow said.