Simon Property Group CEO David Simon dies at 64; son Eli takes reins
One of the most influential figures in commercial real estate — a man sometimes referred to as the "mall king" — has died.
David Simon, the president, CEO and chairman of Simon Property Group — the largest mall owner in the country — died on March 22 following a battle with cancer. He was 64. Simon Property's board has appointed Simon's son, Eli Simon, as the new CEO and president.
Simon was known as a fierce competitor and consummate deal-maker. He joined the company's predecessor (co-founded by his father), Melvin Simon & Associates, as CFO in 1990, and, in 1993, spearheaded Simon Property's initial public offering on the New York Stock Exchange in what, at the time, was the largest real estate IPO in history, raising nearly $1 billion.
In 1993, at the age of 33, Simon was named CEO. He went on to transform the company from a regional real estate firm to a mall giant, in part as the architect of takeovers of other major retail property companies — including DeBartolo Realty Corp., Corporate Property Investors, Chelsea Property Group, the Mills Corp., Taubman Centers and more — that reshaped the landscape of commercial real estate. Simon Property Group currently holds interests in more than 250 properties comprising over 200 million square feet worldwide.
Under his leadership, Simon Property Group delivered a cumulative total shareholder return of more than 4,500% since its IPO in December 1993, according to the firm.
In addition to retail property companies, Simon partnered on deals to keep struggling retailers — including Aéropostale, Brooks Brothers and JCPenney among others —that occupied major footprints in his malls nationwide up and running. The company also has a stake in Catalyst Brands, which was formed last year by the merger of JCPenney and SPARC Group, a joint venture of Authentic Brands Group, Simon Property and Shein.
"Our family is deeply grateful for the tremendous outpouring of love and support we have received from across the globe,” said the Simon family in a statement. “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."
New CEO
As the new CEO and president of Simon Property Group, Eli Simon will continue as COO and director. He joined the company in 2019, leading the company's investment strategy for both real estate and non-real estate investments, including new business sourcing, strategic corporate investments and the execution of various real estate transactions. Before joining the company, he was the principal and head of North American lodging at Och-Ziff Capital Management and Och-Ziff Real Estate.
In addition, former health insurance executive Larry Glasscock, who has served on the Simon board since 2010, has been appointed to serve as non-executive chairman of the board.
[READ MORE: Simon plans $250M redevelopment for three centers]
David Simon was a graduate of The Indiana University Kelley School of Business (B.S., 1983) and Columbia University's Graduate School of Business (M.B.A., 1985). Before joining his family’s business, he served as an investment banker specializing in mergers and acquisitions and leveraged buyouts.
"David's legacy transcends financial performance. He was a leader of uncommon integrity, fierce loyalty, and deep personal conviction,” said Glasscock. “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 bears the imprint of his vision and his exacting standards.”
