Simon Property Group, Inc. announced the passing of David Simon, the Company's Chief Executive Officer, at the age of 64. Mr. Simon passed away on March 22, 2026 after a battle with cancer. David Simon's career stands as one of the most remarkable leadership stories in the history of American business.
Over more than three decades, he took a regional family real estate enterprise and, through sheer force of vision, intellect, and will, built it into the undisputed global leader in retail real estate ? a company that reshaped the industry and redefined what a real estate investment trust could become. David joined the Company's predecessor, Melvin Simon & Associates, as Chief Financial Officer 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 just 31 years old, he orchestrated the Company's initial public offering on the New York Stock Exchange. Named Chief Executive Officer in 1995 at the age of 33, David became one of the youngest CEOs of a major publicly traded company in America. Over more than three decades, he took a regional family real estate enterprise and, through vision, intellect, and will, built it into the undisputed global leader in retail real estate.
Under his leadership, Simon Property Group delivered a cumulative total shareholder return of more than 4,500% since its IPO. He was the architect of a series of transformative transactions that reshaped the competitive landscape of retail real estate. His acquisitions of DeBartolo Realty Corporation, Corporate Property Investors, Chelsea Property Group, the Mills Corporation, and Taubman Centers ?
among many others ? were executed with a combination of strategic brilliance and financial discipline that became his hallmark. Each transaction strengthened the Company's portfolio and made it more efficient, expanded its reach and offerings to consumers, and reinforced its position as the unquestioned retail real estate industry leader.
At the time of his passing, Simon Property Group owned or held interests in more than 250 properties comprising over 200 million square feet across North America, Europe, and Asia, generating billions in annual revenue.David's genius lay not only in assembling assets, but in elevating them. He understood, earlier and more clearly than anyone in his industry, that retail destinations had to evolve from transactional spaces into experiential ones. Under his direction, the Company has invested billions in redeveloping and reimagining its properties ?
creating premier shopping, dining, and entertainment destinations that became true community gathering places. This vision has ensured the enduring relevance and vitality of Simon's portfolio even as the retail real estate landscape has been hit with seismic change.His leadership during periods of crisis further revealed the depth of his character and capability. He steered the Company through the global financial crisis of 2008?2009, emerging with a stronger balance sheet and an expanded portfolio.
When the COVID-19 pandemic shuttered retail properties worldwide in 2020, David moved with characteristic decisiveness ? implementing safety protocols, supporting tenants, and positioning the Company for a rapid recovery that outpaced the broader industry. In every challenge, he saw opportunity; in every setback, he found a new path forward.
David's strategic vision extended well beyond the borders of the United States. He served, until recently, as Chairman of the Supervisory Board of Klépierre. and served on the board of Apollo Global Management, Inc., reflecting the breadth of his influence across global business and finance.
The Harvard Business Review recognized him as one of the world's best-performing CEOs in both 2010 and 2013, and Barron's Magazine bestowed the same distinction in 2013 ? honors that only begin to capture the esteem in which he was held by his peers, investors, and the broader business community. Throughout his career, David maintained an industry-leading balance sheet, sustaining A/A3 credit ratings that reflected not only financial strength but the confidence that the capital markets placed in his stewardship.
He returned billions of dollars to shareholders through consistent and growing dividends, while simultaneously reinvesting in the portfolio and pursuing strategic growth. It was a balancing act that few CEOs in any industry have managed with such sustained success. 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 the family enterprise, he distinguished himself as an investment banker specializing in mergers and acquisitions and leveraged buyouts ? a foundation that equipped him with the financial acumen and deal-making instincts that became defining features of his leadership. Above all, David was a builder ?
of assets, of teams, of careers, and of an enduring institution. He cultivated a culture of excellence, accountability, and ambition that attracted and retained the finest talent in the industry. Countless executives and professionals credit David Simon with shaping their careers and setting the example of what great leadership looks like.
His influence will be felt for generations to come. Effective March 23, 2026, the Board has appointed Eli Simon as its Chief Executive Officer. In addition, Eli will continue as Chief Operating Officer and Director.
The Board expresses its full confidence in Eli's leadership skills and abilities to guide the Company forward. The Board is also 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.
