The longtime chief financial officer of Simon Property Group Inc. is retiring.
Simon CEO David Simon announced Friday during a conference call with analysts that Stephen Sterrett, 58, will leave the company in March 2015 after a 26-year run with the world’s largest mall developer.
Sterrett’s service to the company has been immeasurable, Simon said during the call.
“It’s hard to overstate the contributions that Steve has made to our company,” he said. “And I know I speak for everyone when I say we will be sorry to see him go.”
A search for Sterrett’s replacement will be conducted within the next few months, Simon said.
Sterrett earned total compensation of $6.5 million in 2012, the most recent year for which executive pay is available.
Sterrett joined Melvin Simon & Associates Inc. in 1989, before the company went public in 1993 to become Simon Property Group. He became CFO in 2001.