David Simon, the longtime chair, president and CEO of Simon Property Group, passed away March 22 after a battle with cancer. He was 64.
Simon led the Indianapolis-based REIT for more than three decades, overseeing its transformation from a regional family business into a global retail real estate company with a portfolio spanning North America, Europe and Asia. His tenure spanned periods of rapid expansion, industry disruption and economic crisis, during which he became widely regarded as one of the most influential leaders in modern retail real estate.
“We mourn the passing of David Simon, Simon Property Group’s visionary, transformative leader whose impact on the retail real estate industry is truly immeasurable,” said ICSC president and CEO Tom McGee. “David was the definition of iconic for our industry. His strategic brilliance, unparalleled drive and unwavering commitment to excellence reshaped retail real estate."
David Simon, chairman and chief executive officer of Simon Property Group Inc., speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, April 30, 2018. The conference brings together leaders in business, government, technology, philanthropy, academia, and the media to discuss actionable and collaborative solutions to some of the most important questions of our time. Photographer: Dania Maxwell/Bloomberg via Getty Images
Simon joined the company’s predecessor, Melvin Simon & Associates, in 1990 as CFO after working as an investment banker. In 1993, he helped take the company public in what was then the largest real estate initial public offering in U.S. history, raising nearly $1 billion. Two years later, at age 33, he was named CEO, becoming one of the youngest chief executives of a major publicly traded company.
Under his leadership, Simon Property Group grew through a series of high-profile acquisitions — including DeBartolo Realty Corp., Corporate Property Investors, Chelsea Property Group, The Mills Corp. and Taubman Centers — that reshaped the competitive landscape of retail real estate. The company expanded internationally and diversified into outlet centers and mixed-use destinations. Simon Property Group now owns or holds interests in more than 250 properties totaling more than 200 million square feet across North America, Europe and Asia.
Industry observers credited Simon with recognizing early that shopping centers would need to evolve beyond traditional retail to remain competitive. During his tenure, the company invested billions of dollars in redevelopment to create community destinations that combined shopping, dining and entertainment.
Simon also led the company through some of the industry’s most challenging periods, including the global financial crisis of 2008 and 2009, from which the company emerged with an expanded portfolio, and the widespread retail shutdowns during the COVID-19 pandemic, implementing safety measures and supporting tenants to position them for a strong reopening.
Beyond his role at Simon Property Group, Simon held leadership positions across the broader real estate and financial sectors. He served as chair of the supervisory board of Klépierre, a Paris-based shopping center operator, and sat on the board of Apollo Global Management. He was recognized multiple times by business publications for his performance as a public-company chief executive.
Simon graduated from the Indiana University Kelley School of Business and earned a Master of Business Administration from the Columbia University Graduate School of Business.
Following his passing, the company’s board named his son, Eli Simon, as president and CEO, continuing a succession plan that had been in place prior to the leadership transition. Eli Simon will continue to serve as COO and director. Larry Glasscock has been appointed nonexecutive chair of the board.
Simon is survived by his wife of more than 40 years, Jackie, their five children and seven grandchildren.