U.S. Largest Mall REIT, Long-Term CEO Passes Away.. Second-Generation Management Begins

Simon Property Group, Inc. (SPG), a U.S.-listed REIT, announced on March 23 that its chairman, chief executive officer, and president, David Simon, passed away on March 22 after battling cancer. In accordance with its pre-established succession plan, the company has appointed Elie Simon as CEO and president and named Larry Glascock as non-executive chairman of the board. Management operations and strategic direction under the existing leadership team will continue unchanged.

In February, the board approved a new share repurchase program of approximately 2 trillion won, providing the flexibility to buy back shares through 2028. In early March, the company also secured a new multicurrency revolving credit facility totaling about 6 trillion won and issued financial guidance through 2026. These moves underscore its commitment to liquidity management and shareholder returns, independently of the leadership transition.

Simon Property Group is the largest commercial real estate REIT in the United States, owning more than 200 shopping malls and premium outlets across North America, Europe, and Asia. A component of the S&P 100 Index, the company has maintained relative stability amid high interest rates and the rise of e-commerce, thanks to its portfolio of well-located, large-scale malls and mixed-use centers.