David E. Simon is a well-known figure in real estate development and management. He is the CEO of Simon Property Group, the world’s largest publicly traded retail real estate company. The firm is engaged in the ownership, development, management, leasing, acquisition, and expansion of regional malls and community shopping centers. Simon Property Group owns or has an interest in more than 250 properties.
Simon began his career as an associate at First Boston Corporation in New York before becoming a vice president of Wasserstein Perella and Co., a Wall Street firm specializing in mergers, acquisitions, and leveraged buyouts. He joined Simon Property Group in June 1990.
Born and raised in Indianapolis, Simon holds a bachelor’s degree in business from Indiana University and an MBA from Columbia University. He has remained connected to IU’s Kelley School of Business, serving on the Dean’s Advisory Council. He is also a director of First Health Corporation.
In 2000, Simon was honored as a Kelley School of Business Academy of Alumni Fellows member. In 2018, he was awarded the Presidents Circle Laurel Pin.
Recently, Simon stepped down as chairman of Simon Property Group Acquisition Holdings, a particular purpose acquisition company (SPAC) established by the parent company to acquire and take public privately held companies that could benefit from Simon’s experience running shopping malls and brands. The SPAC completed its $345 million initial public offering in February 2021.
Simon was replaced by his son, Eli Simon, who has served as CEO of the SPAC since its inception. Eli also serves as senior vice president of corporate investments at Simon Property Group, which hired him in May 2019.
In 2021, Eli Simon was paid a base salary of $325,000 and an annual cash incentive compensation of $400,000 by the parent company, according to the REIT’s 2022 proxy statement.
David Simon, who was 60 when Simon Property filed its proxy statement in late March, has served as chairman of the REIT since 2007 and as the CEO of it and predecessor companies since 1995. He also is the REIT’s president.
Simon Property Group has a storied history. The company was founded in 1960 by brothers Melvin and Herbert Simon, who began developing strip malls in the Indianapolis area. The company increased and expanded into regional malls in the 1970s. In 1993, the company went public, becoming the first real estate investment trust (REIT) listed on the New York Stock Exchange.
Since then, Simon Property Group has become a significant force in retail real estate. The company’s property collection comprises several noteworthy and recognizable landmarks. Malls in the United States, such as the Mall of America in Minnesota and The Forum Shops at Caesars Palace in Las Vegas.
However, the company has faced challenges recently as the retail industry has undergone significant changes. Online shopping has disrupted the traditional brick-and-mortar retail model, and many retailers have struggled to adapt to the new reality. Simon Property Group has responded by diversifying its portfolio and investing in new technologies to enhance the customer experience.
One example is the company’s partnership with tech startup Deliv, which provides same-day delivery services for shoppers at Simon Malls. The shopping center known as The Forum Shops can be found at Caesars Palace in Las Vegas, allowing shoppers to visualize how products will look in their homes before purchasing.
Despite the retail industry’s challenges, Simon Property Group remains a dominant player in the real estate sector. The company’s portfolio includes over 200 malls and premium outlets across North America, Europe, and Asia. It continues to invest in new properties and technologies to stay ahead of the curve.
David Simon, who was 60 years old when Simon Property filed its proxy statement in late March, has served as chairman of the REIT since 2007 and as the CEO of it and predecessor companies since 1995. He also holds the position of president of the company. In conclusion, David E. Simon’s contributions to the real estate industry are noteworthy, and his leadership of Simon Property Group has resulted in the company’s remarkable growth and success. While his departure from the SPAC may come as a surprise, the company’s future remains promising under the leadership of Eli Simon.