Simon Property Group Inc. announced Wednesday the promotion of Andrew Juster to chief financial officer, succeeding longtime CFO Stephen Sterrett.
Juster, 62, who has been with Indianapolis-based Simon for 25 years, will take over for the retiring Sterrett on March 1, 2015, the company said.
Sterrett joined Simon when it was known as Melvin Simon & Associates in 1988 and became treasurer in 1993, the same year the company filed its initial public offering. He became CFO in 2001.
Sterrett’s upcoming departure was disclosed by Simon in February.
Juster has been Simon's treasurer since 2000. He oversees the company’s capital market activities, implements its corporate financing strategy, maintains banking and lending relationships, and manages Simon's relationship with rating agencies.
"Andy has been instrumental to our ongoing success in the debt markets and helping us create the unparalleled strength of our balance sheet," Simon CEO David Simon said in a prepared statement. "I believe he is best positioned to lead our financial activities as CFO, along with our strong, experienced team of experts in capital markets, investor relations, financial reporting and corporate development."
Simon shares fell 32 cents in early trading Wednesday, to $166.18 each. They are up 8.1 percent since the beginning of the year.