David Simon, CEO of Simon Property Group, dies at 64
David Simon, chairman and chief executive officer Simon Property Group Inc., laughs during the annual Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, May 3, 2016. Photographer: Patrick T. Fallon/Bloomberg via Getty
INDIANAPOLIS - Simon Property Group announced Monday that its longtime Chairman and CEO David Simon, the visionary executive who built the company into the world’s largest retail real estate owner, has died at 64 following a battle with cancer.
His death prompted an immediate leadership transition to his son, Eli Simon, as chief executive.
What they're saying:
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 5 children: Eli, Rebecca, Hannah, Sam and Noah, and 7 grandchildren. We ask for privacy as we grieve our great loss."
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Dig deeper:
According to the company, Simon built Simon Property Group into the world’s largest retail real estate company over more than three decades.
He joined the company’s predecessor in 1990 as chief financial officer and led its 1993 initial public offering, one of the largest real estate listings at the time.
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Appointed CEO in 1995 at age 33, Simon oversaw a period of rapid expansion and value creation, delivering total shareholder returns of more than 4,500% since the IPO.
He also pushed early to reposition malls as mixed-use destinations centered on shopping, dining and entertainment, a strategy that helped the company remain competitive amid shifting retail trends and economic disruptions, including the 2008 financial crisis and the COVID-19 pandemic.
The Source: The information in this story is based on an official announcement and statements released by Simon Property Group. This story was reported from Los Angeles.