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CEO Profile

David Simon - CEO of Simon Property Group

David Simon
CEO of Simon Property Group

Company Profile

Industry: REIT -Retail
Employees: 3,300
Revenues: $2.81B
Market Cap: $28.3B

CEO Achievements

In 1993 Simon led the efforts to take Simon Property Group public with a nearly $1 billion initial public offering that, at the time, was the largest real estate stock offering. Mr. Simon became CEO in 1995. Since then, he has orchestrated more than $25 billion in strategic acquisitions that, together with ground-up development, have allowed the company to assemble a portfolio of top-tier shopping centers that serve as home to virtually every top retailer.

The strategic acquisitions and highly disciplined expense management created a superior shareholder value over the past decade including last year's worst financial crisis. Under his leadership, the company delivered a total stockholder return of 58% in 2009, significantly outperforming total returns of the MSCI U.S. REIT Index (“RMS”) of 28.6% and the S&P 500 Index of 26.5%. SPG has outperformed both the RMS and the S&P 500 in nine of the last ten years.

David Simon joined the company in 1990 and became the CEO in 1995. Simon Property Group, Inc., an S&P 500 company and the largest U.S. publicly traded real estate company. Simon Property Group is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. The Company currently owns or has an interest in approximately 380 properties in North America, Europe and Asia. Before joining the organization, Mr. Simon was a vice president of Wasserstein Perella & Co., a Wall Street firm specializing in mergers and acquisitions and leveraged buyouts.

Mr. Simon is a member and former chairman of the National Association of Real Estate Investment Trusts (NAREIT) board of governors and is a former trustee of the International Council of Shopping Centers (ICSC). He has received numerous industry honors, and in 2000, he was inducted into the Indiana University Kelley School of Business Academy of Alumni Fellows. Mr. Simon is recognized as one of the world’s best-performing CEO’s.

Mr. Simon is the son of the late Melvin Simon, chairman emeritus of Simon Property Group. He holds a B.S. degree from Indiana University and an MBA from Columbia University’s Graduate School of Business.

CEO Insights

The Prime Outlets portfolio is an excellent strategic fit and presents a compelling opportunity for Simon to benefit from shoppers' increased demand for discounted brand-name merchandise.  We believe that our strong track record of operational excellence, financial resources, and history of successful acquisitions, make us well positioned to improve the performance of these assets for the benefit of tenants, retailers and consumers - David Simon - CEO of Simon Property Group

Simon's offer provides the best possible outcome for all General Growth Property (GGP) stakeholders. Simon is in the unique position of being able to offer GGP creditors and shareholders full, fair and immediate value. Our offer provides much-needed certainty to conclude GGP's protracted reorganization process. We are confident it is the best option for all GGP constituencies and far superior to any other third-party proposal or stand-alone plan that could be completed. This acquisition also offers a compelling value-creation opportunity for Simon shareholders. Simon's strong track record of successfully completing large acquisitions and our history of delivering superior property-level performance ideally position Simon to create additional value with GGP's portfolio - David Simon - CEO of Simon Property Group

GGP’s decision to move forward with the latest Brookfield-sponsored change of control recapitalization, without giving due consideration to SPG’s proposals, is a truly unfortunate result for all GGP stakeholders. The transaction approved today values GGP at a minimum of $5.00 less per share than SPG’s $20.00 per share offer, when accounting for the highly expensive and dilutive warrants to be issued to the Brookfield consortium. We are disappointed that the GGP board hastily decided in less than 24 hours to accept substantially less value...GGP’s decision to proceed with a transaction that transfers hundreds of millions of dollars in value to the Brookfield consortium has caused us to conclude that we cannot reach a mutually beneficial transaction with GGP. As a result, it is in SPG’s best interests to withdraw our proposals and decline to participate in the bidding process in the GGP bankruptcy - David Simon - CEO of Simon Property Group

[I was confident that] we could pull through one of the most difficult economic crises on record. We had the people, the vision, the properties, the balance sheet and the work ethic to navigate our way through turbulent times. One year ago, the world was in an economic meltdown. U.S. stocks plunged to new bear-market lows following financial market fears that brought the Dow down to levels not seen since 1997. SPG common stock was trading below $30 per share. We were in the midst of a national credit crisis and the debt markets were dysfunctional. Unemployment was on the rise. Retailers were experiencing continued declining sales and bankruptcies were increasing. we expected, and in fact experienced, a very difficult year. Despite the negative external factors, from the economy to the consumer, the landscape provided us with the opportunity to demonstrate our position as a leader in the real estate industry. Our people rose to the challenge and we accomplished what we set out to do.- David Simon - CEO of Simon Property Group

Today, we have over $4 billion of cash on hand, including our share of joint venture cash, and availability on our corporate credit facility of more than $3 billion, for a total liquidity position in excess of $7 billion. This capital will keep us well-positioned to pursue new opportunities in our efforts to profitably grow the Company. We will also use this capital to continue our efforts to deleverage the Company - David Simon - CEO of Simon Property Group

About Simon Property Group
Simon Property Group, Inc. is an S&P 500 company and the largest real estate company in the U.S. The Company owns or has an interest in 393 retail real estate properties comprising 263 million square feet of gross leasable area in North America, Europe and Asia. Simon Property Group is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. The Company's common stock is publicly traded on the NYSE under the symbol SPG.

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