The death of David Simon, the Indianapolis native who served three decades as the leader of Simon Property Group, will mean a shift at the top of the largest mall operator business in the world.
David Simon, who was appointed in 1995 to lead the company founded by his father and uncle, died March 22 at age 64 after a two-year battle with cancer. The next day, the Simon Property Group Board of Directors announced that David Simon’s oldest son, Eli Simon, would take over as chief executive immediately.
Eli Simon’s succession means there’s a new leader at the helm of Simon Property Group for just the second time since the company changed names and went public in the mid-1990s.
The company’s Board of Directors said David Simon had drawn up a succession plan in advance, setting the company up for long-term success, which will mean few major hiccups for the company estimated to be worth about $60 billion. With Eli Simon’s promotion, the company signaled it is betting on the Simon family to continue to propel the real estate trust into the next era of retail.
In a statement after David Simon’s death, the company assured shareholders and employees that operations would continue without interruption, “supported by a world-class management team and a portfolio of irreplaceable assets that have been built to continue seamlessly, as a lasting testament to David Simon’s extraordinary vision.”
Here’s what we know on what the leadership change means for Simon Property Group going forward.
Who is new Simon Property Group CEO Eli Simon?
Eli Simon, the oldest son of David Simon and the grandson of Mel Simon, who started the real estate trust with his brother Herb in 1960, has been learning from his father for months as David Simon continued to work while receiving medical treatment.
After managing investments and real estate at Och-Ziff Capital, Eli Simon joined the family business in 2019 and took on a large role in overseeing multiple acquisitions. In August 2025, Eli Simon was promoted to chief operating officer. As COO, Eli Simon held a public-facing role with direct contact with investors on earnings calls. He will retain that job while stepping up to fill the empty CEO spot.
David Simon long wanted Eli Simon to succeed him as CEO, the Wall Street Journal reported. The Board said in a statement that Eli Simon has garnered “the unwavering respect and support” of the Simon executive management team.
Simon Property Group strategy of late: More luxury, experiential brands
If one thing is certain, it’s that Simon Property Group has not given up on the notion of a shopping mall that can leverage high-quality brands to draw people in the door to spend money.
If you live in Central Indiana, chances are you’ve shopped at a Simon-owned mall at least once. Simon Property Group currently owns Castleton Square Mall, the Fashion Mall at Keystone, Greenwood Park Mall, Hamilton Town Center and Indiana Premium Outlets in Edinburgh. The company previously held interests in Circle Centre Mall downtown, Washington Square Mall on the east side and Lafayette Square Mall on the west side.
The Simons gobbled up some of the highest-grossing malls in the country as they expanded over the last 30 years. Yet in recent years, the company has put effort into moving beyond the traditional shopping mall owner stereotype, as executives fight the idea that malls are a thing of the past. In some markets, Simon Property Group leased space to non-retail users such as corporate offices and workout gyms.
In 2020, the group entered another venture: acquiring struggling retail chains. In the five years since, Simon acquired stakes in brands such as Forever 21, J.C. Penney, Express and Aéropostale. The investments allowed Simon to keep retailers afloat who rent space in their malls while diversifying the business’ portfolio.
Today, Simon Property Group has a stake in more than 250 shopping centers across the world with over 200 million square feet of space. With headquarters at 225 W. Washington St., the company employs more than 4,000 people with most residing in the state of Indiana.
Last year, the company reincorporated its business registration in Indiana, choosing to marry its legal and physical home back in Indiana. In a statement following the registration, Indiana Secretary of State Diego Morales called the news “a big win for Indiana.”
Simon Property Group stock was down 1.64% on Monday, March 23.
Alysa Guffey covers business and development stories for IndyStar. Reach her at alysa.guffey@indystar.com.
This article originally appeared on Indianapolis Star: What’s next for Simon Property Group after longtime CEO David Simon dies
Reporting by Alysa Guffey, Indianapolis Star / Indianapolis Star
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