David Simon must remain CEO of Indianapolis-based Simon Property Group for at least six years to see any of the $120 million in special stock awards the company’s board of directors awarded him last year, and must stay on eight years to reap the full amount.
David Simon's massive new compensation plan—which includes a $120 million long-term bonus—is a drop in the bucket compared with the wealth the company has been creating in recent years, even as the overall market zigs and zags.
Simon Property Group Inc. signed an employment agreement with CEO David Simon that will keep him as head of the Indianapolis-based company the next eight years.
Indianapolis-based Simon Property Group Inc. signed an employment agreement with CEO David Simon that will keep him as head of the largest U.S. mall owner for the next eight years—and give him a one-time award worth $120 million.
The first few months of 2009 were not an easy time to be CEO of Simon Property Group Inc. David Simon was feeling pressure
from shareholders, lenders, employees and family members.
Analysts predict Simon Property Group Inc. will pay off debt and wait patiently for its next opportunity after withdrawing
separate offers to either acquire General Growth Properties or finance its exit from bankruptcy. A New York judge had endorsed
a rival plan that allows General Growth to stay independent.
Simon’s rise suggested investors believe the company will be just fine without General Growth Properties Inc., the Chicago-based
rival it had been pursuing for months.
David Simon’s $4.6 million in total compensation last year was $1.2 million more than in 2008. The rest of his management
team’s pay declined or remained flat.
David Simon, the shrewd and blunt deal-maker—an acquisitive former Wall Street wunderkind who transformed Simon Property
Group Inc. into the nation’s largest mall owner—is trying to land his biggest deal yet.
Mike Ciresi, who’s representing widow Bren Simon, helped win a $6 billion settlement from the tobacco industry.
Wall Street analysts have described the potential sale of Chicago-based General Growth Properties as a “once-in-a-lifetime
opportunity” for a company to make “the deal of the decade” in the shopping-mall business.