Simon Property Group, Inc., the premier retail real estate investment trust, disclosed on Monday the passing of its longtime Chairman and Chief Executive Officer, David Simon, at the age of 64. The company confirmed his death on March 22, 2026, following a battle with cancer. The board of directors has moved swiftly to implement a pre-established succession plan, naming David Simon's son, Eli Simon, as the new Chief Executive Officer and President, effective immediately.
Leadership Succession and Board Appointment
Concurrent with the leadership change, the board appointed Larry Glasscock to the role of non-executive chairman. The company emphasized that this transition is the result of a deliberate and ongoing succession planning process, not a reactionary measure. This process was visibly set in motion in August of the previous year when Eli Simon was elevated to the position of Chief Operating Officer. The board stated that the planning for this leadership handover had been underway for a considerable period, ensuring a smooth operational continuity.
Eli Simon, who joined the company in 2019 after previous roles at Och-Ziff Capital Management and Och-Ziff Real Estate, will retain his seat on the board and his COO title in the interim. In a statement made last summer during his promotion, the late David Simon highlighted the "strength and depth" of the company's management team as a fundamental pillar of its enduring success.
Corporate Legacy and Recent Performance
David Simon's tenure at the helm was transformative. He joined the predecessor business as Chief Financial Officer in 1990, led the company through its 1993 initial public offering on the New York Stock Exchange, and ascended to the CEO role in 1995 at just 33 years old. Under his leadership, Simon Property Group executed several landmark acquisitions, including DeBartolo Realty, Chelsea Property Group, Mills Corporation, and Taubman Centers, deals that fundamentally reshaped the retail real estate landscape.
The leadership transition follows the company's report of record financial performance for the full year 2025. Simon Property Group posted a record real estate funds from operations (FFO) of $4.8 billion. The company returned $3.5 billion to shareholders, leased over 17 million square feet of space, and ended the year with U.S. mall and outlet center occupancy at a robust 96.4%. Looking ahead, the company's guidance for 2026 projects real estate FFO to be in the range of $13.00 to $13.25 per share.
Market Reaction and Peer Movement
Financial markets absorbed the news with relative calm. In early trading following the announcement, shares of Simon Property Group (SPG) were virtually unchanged, edging up less than 0.1% to $184.59. The stability suggests investor confidence in the outlined succession plan. Meanwhile, shares of fellow retail REITs showed positive movement, with Macerich climbing 2.3% and Kimco Realty adding 0.9%.
Ongoing Challenges and Governance
The new leadership team inherits a company navigating a complex operating environment. In its most recent earnings disclosures, Simon Property Group cautioned investors about persistent headwinds, including competition from e-commerce, potential tenant bankruptcies, rising interest rates, geopolitical trade tariffs, and executive turnover. These challenges remain pertinent for the incoming management.
In a separate governance move last month, David Simon stepped down from the supervisory board of Klépierre, the Paris-based retail property group, with his exit made public on February 20, 2026.
The Simon family has expressed "deep gratitude" for the outpouring of support and has requested privacy during this time. The company noted that information regarding memorial arrangements will be provided at a later date. In his new role as non-executive chairman, Larry Glasscock affirmed the board's commitment to honoring David Simon's "extraordinary legacy" and upholding the principles he championed, while also expressing full confidence in Eli Simon's ability to lead the company forward.
