Simon’s passing followed a battle with cancer, according to the release.
“Our family is deeply grateful for the tremendous outpouring of love and support we have received from across the globe,” the Simon family said in the release.
The board of directors of Simon Property Group appointed the company’s chief operating officer and director, Eli Simon, to take on the additional roles of CEO and president, effective Monday, according to the release. Eli Simon is the son of David Simon, according to a 2025 filing with the Securities and Exchange Commission.
In addition, the board appointed Larry Glasscock, a former chairman of health insurance company Anthem, to serve as non-executive chairman of the board, per the release.
“On behalf of the entire Board of Directors, we extend our deepest and most heartfelt condolences to the Simon family,” Glasscock said in the release. “We are profoundly grateful for the privilege of having served alongside David, and we pledge to honor his extraordinary legacy by continuing to uphold the principles of excellence he embodied every single day.”
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David Simon joined Simon Property Group’s predecessor, Melvin Simon & Associates, as chief financial officer in 1990 after serving as an investment banker at First Boston Corp. and Wasserstein Perella & Co., according to the release.
Simon orchestrated the company’s initial public offering in 1993, was named CEO in 1995, and delivered a cumulative total shareholder return of more than 4,500% since its IPO, per the release.
At the time of Simon’s passing, Simon Property Group owned or held interests in more than 250 properties comprising over 200,000 square feet across North America, Europe and Asia, according to the release.
Simon Property Group highlighted in the release Simon’s vision that elevated the company’s assets and ensured the continued vitality of its portfolio.
“He understood, earlier and more clearly than anyone in his industry, that retail destinations had to evolve from transactional spaces into experiential ones,” the company said. “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.”
Simon said during a November 2024 earnings call that the mall is once again gaining relevance as younger consumers rediscover its value.
“The mall continues to be a unique gathering place,” Simon said. “We’re seeing a rejuvenation of the younger consumers wanting to hang out at the mall.”
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