| |
|
\CEO Awards
Most Respect CEOs
In collaboration with the
International Institute of Management
Hall of Fame
CEO Profile
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 that time, 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.
CEO Bio
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
General Growth Property 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.
More about CEO Awards
Send your questions, comments and feedback to
- ceoawards (at) ceoqmagazine.com
|
|
CEO Q
Print Edition
Special Reports
Executive
Education Courses
Executive Search
Leif Klingborg
Author of K-concept
CEO Conference
Las Vegas, NV, USA
Free Trial Membership
CEO Awards
Authors/Consultants!
Annual
Paper Contest
Advertise in
Print & Online Editions
Subscribe
to CEO Q Magazine
|
