David Simon, chairman, CEO and president of Simon Property Group, Inc., who built the company into the largest retail real estate firm in the world, passed away Sunday after a battle with cancer. He was 64 years old.
Due in large measure to David Simon’s emphasis on succession planning, the board has appointed Eli Simon as CEO and president. He will also continue as COO and director. in addition, Larry Glasscock has been appointed to serve as non-executive chairman.
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 in what was then the largest real estate public stock offering 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% since its IPO.
“David’s legacy transcends financial performance,” Glasscock said in a statement on behalf of the board. “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.”
Details regarding memorial services will 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, American Jewish Committee, UJA Federation of New York and Foundation to Combat Antisemitism.
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