Simon Property Group won't have to face a lawsuit alleging it improperly barred investors from voting on an executive-pay plan that resulted in a $120 million stock award to CEO David Simon. Public documents released Thursday show Simon made about $16 million last year.
Simon Property Group directors improperly refused to let shareholders vote on changes to the company's executive-compensation plan that resulted in a $120 million stock award to CEO David Simon, investors' lawyers argued Monday in court.
The company made small adjustments to David Simon's package but left in place the element that created the largest controversy—a stock retention bonus valued at $120 million he'll receive if he stays through July 2019.
Already one of the most highly regarded CEOs in Indiana and in his industry, David Simon of Simon Property Group now is keeping company with the likes of Warren Buffett, Amazon's Jeff Bezos and Larry Page of Google.
The $120 million retention bonus that Simon Property Group Inc.’s board awarded David Simon two years ago has spawned a bitter legal battle in Delaware that promises to shed fascinating light on the inner workings of the board.