Former co-chairmen Melvin Simon and Herbert Simon, who founded the former Melvin Simon & Associates Inc. in 1960, have become chairmen emeriti effective today, and will focus on the company's international expansion, the announcement said.
"Today's announcement marks another step in the transition of Simon Property Group's management," the brothers said in a statement. "Since becoming CEO in 1995, David has exhibited outstanding leadership, delivering consistent earnings and dividend growth while solidifying our position as the nation's largest real estate investment trust. We are very confident in his continued leadership, the strength and depth of our management team and their ability to drive future growth at the company."
During David Simon's tenure as CEO, shares of Simon Property Group have climbed to $97 from about $24.
The company was taken public in 1993, two years before David Simon became CEO.