Simon Property Group, Inc. Chairman, CEO and President David Simon, credited with building the company into the largest retail real estate firm in the world, passed away on Sunday, March 22, from cancer. He was 64 years old.
The company said in a media release that the Board of Directors has consistently emphasized succession planning for its executive leadership team, driven by David Simon’s “deep commitment” to the company’s long-term future.
“The Board has been focused and engaged in thoughtful and comprehensive succession planning on an ongoing basis,” the company noted. “As a result of their hard work, effective today, the Board has appointed Eli Simon as its chief executive officer and president. In addition, Eli will continue as chief operating officer and director.”
The Board expressed its “full confidence in Eli Simon’s leadership skills and abilities to guide the company forward.” The Board also said in the company release that “it is confident with the forward vision, strength, depth, and capability of the executive management team that Eli will lead, and which he has garnered their unwavering respect and support.”
In addition, Larry Glasscock has been appointed by the Board to serve as non-executive chairman of the Board consistent with these succession planning efforts and the company’s Governance Principles.
“The company’s shareholders, partners, employees, tenants, and lenders can be assured and comforted that its operations will continue without interruption, supported by a world-class management team and a portfolio of irreplaceable assets that have been built to continue seamlessly, as a lasting testament to David Simon’s extraordinary vision.”
In a statement on behalf of the Board, Glasscock said, “On behalf of the entire Board of Directors, we extend our deepest and most heartfelt condolences to the Simon family. We are profoundly grateful for the privilege of having served alongside David, and we pledge to honor his extraordinary legacy by continuing to uphold the principles of excellence he embodied every single day.
“David’s legacy transcends financial performance. He was a leader of uncommon integrity, fierce loyalty and deep personal conviction. He inspired everyone around him to reach higher, think bigger and never settle. He set the standard — not just for our company, but for an entire industry. All of the Simon Malls, the world-class Simon Premium Outlets and every mixed-use destination in our portfolio bear the imprint of his vision and his exacting standards.”
David Simon joined the company’s predecessor, Melvin Simon & Associates, as CFO in 1990, bringing with him the rigorous analytical training of a Wall Street investment banker first honed at First Boston Corporation and then at Wasserstein Perella & Co. In 1993, at age 31, he orchestrated the company’s initial public offering on the New York Stock Exchange, raising nearly $1 billion, which was then the largest real estate IPO in history.
Two years later, he became one of the youngest CEOs of a major publicly traded company in America. Under his leadership, Simon Property Group has delivered a cumulative total shareholder return of more than 4,500 percent since its IPO.
The Simon family shared the following statement:
“Our family is deeply grateful for the tremendous outpouring of love and support we have received from across the globe. Our beloved husband, father, grandfather, and brother poured his heart and soul into building Simon Property Group. He was most proud of his family, his wife of over 40 years, Jackie, and their five children: Eli, Rebecca, Hannah, Sam, and Noah, and seven grandchildren. We ask for privacy as we grieve our great loss.”
Details regarding memorial services will reportedly be shared by the Simon family at a later date. In lieu of flowers, the family requests that contributions be made to the Anti-Defamation League, the American Jewish Committee, the UJA Federation of New York, and the Foundation to Combat Antisemitism.
Image courtesy Simon Property Group
