David Simon, Chairman of the Board, CEO and President of retail real estate juggernaut Simon Property Group, has passed away at the age of 64 after battling cancer. His son, Eli Simon, will take over as CEO and President, in accordance with the company’s succession plan.
Eli Simon also will continue in his current roles of COO and Board Director, and Larry Glasscock has been appointed by the board to serve as Non-Executive Chairman.
“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.”
David Simon: A Legacy of Persistent Growth Despite a Changing World
Over the last three decades, David Simon took a regional family real estate enterprise and built it into an undisputed leader in retail real estate. David first joined the company in 1990 as CFO, back when it was still Melvin Simon & Associates, an Indianapolis-based commercial real estate development firm founded by his father Melvin Simon and uncle Herbert Simon.
In 1993, he orchestrated the company’s IPO on the New York Stock Exchange, raising nearly $1 billion in what was then the largest real estate public stock offering in history. In 1995, at the age of 33, David then became one of the youngest CEOs of a major publicly traded company in America.
In the decades that followed under David’s 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, including the acquisitions of DeBartolo Realty Corporation, Corporate Property Investors, Chelsea Property Group, the Mills Corporation and Taubman Centers, among many others. Simon Property Group now owns or holds an interest in more than 250 properties, comprising over 200 million square feet across North America, Europe and Asia.
David’s character and leadership capability was perhaps most evident during times of crisis. He steered the company through the global financial crisis of 2008–2009, emerging with a stronger balance sheet and an expanded portfolio, and moved with characteristic decisiveness during the COVID-19 pandemic to implement safety protocols, support tenants and position the company for a rapid recovery that outpaced the broader industry.
David also understood early on that retail destinations the COVID-19 pandemic 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 designed to be true community gathering places.
“David Simon was, quite simply, the finest leader in the history of the retail real estate industry,” said newly appointed Non-Executive Chairman Larry Glasscock in a statement. “His extraordinary intellect, his relentless drive for excellence and his unmatched strategic vision transformed a privately held family business into an esteemed global institution — creating billions of dollars in value for shareholders along the way. David’s legacy transcends financial performance. 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.”
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.
