IBJNews

Simon Property hiked CEO's pay 34.7 percent last year

Back to TopCommentsE-mailPrintBookmark and Share

Simon Property Group Inc. Chairman and CEO David Simon got a 34.7 percent raise last year, bringing his total compensation to $4.6 million, according to the company’s newly filed proxy statement. The rest of his management team’s pay stayed flat or declined.

Simon, 48, earned $1.2 million more than in 2008. He has been CEO of the nation’s largest shopping mall owner since 1995 and its chairman since 2007. Last year Simon Property’s $3.775 billion in revenue was slightly less than the $3.783 billion reported in 2008. The company’s profit declined 35 percent in 2009, to $387.3 million from $599.5 million the previous year.

But investors have shown confidence in Simon Property’s prospects. The company’s shares soared 60 percent last year, to $79.12. Simon Property’s stock price has rallied further in 2010, trading Friday morning at $85.63.

Simon Property awarded Simon a $3 million bonus—the source of his raise—in addition to his $1 million salary. Most of the rest of his compensation was a restricted stock grant worth $578,677.

Pay for other top executives:

—Chief Operating Officer Richard S. Sokolov earned $2.6 million, down 9.7 percent.

—General Counsel James M. Barkley earned $1.7 million, up 1.3 percent.

—Chief Financial Officer Stephen E. Sterrett earned $1.6 million, up 0.7 percent.

—Executive Vice President John Rulli earned $1.3 million. This was his first year on the list of highest-paid executives.

IBJ uses the Associated Press formula to calculate executive pay. It gauges the value of compensation such as stock and option grants at the time they are awarded, not the time they are cashed in.

Simon Property spent $1.5 million last year on combined board compensation for its nine independent directors, 13 percent less than the $1.7 million it spent in 2008.
 

ADVERTISEMENT

  • Denied Raises Last Year
    Great, Simon did not give it's employees a raise last year because of the economy, at least what they used as an excuse. But sure had enough to give himself a hugh raise!
  • Gimme Mo
    Mo Money, Mo Problems

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

ADVERTISEMENT