Melvin Simon and Herbert Simon to Become Chairmen Emeriti
INDIANAPOLIS, Oct. 25 /PRNewswire-FirstCall/ -- The Board of Directors of
Simon Property Group, Inc. (NYSE: SPG) today announced that CEO David Simon
has been named Chairman of the Board of Directors, effective as of October 25,
2007. Melvin Simon and Herbert Simon, who had been serving as Co-Chairmen of
the Board, have been named Chairmen Emeriti, also effective as of October 25,
2007. David Simon will also continue to hold the office of Chief Executive
Officer.
As Chairmen Emeriti, Melvin and Herbert Simon will continue serving on
Simon Property Group's Board of Directors and will be primarily focused on the
Company's international expansion as well as certain other aspects of the
Company's business. Melvin Simon will continue to serve as a Board member of
Simon Ivanhoe Ltd, Simon Property Group's Paris-based venture with Ivanhoe
Cambridge. Herbert Simon will maintain his position on the Boards of
Directors of Simon Ivanhoe, Gallerie Commerciali Italia SpA, Simon Property
Group's Italian-based joint venture with Auchan SA, and Great Mall Investments
Limited, the Company's venture in China with the Morgan Stanley Real Estate
Fund and Shenzhen Commercial Investment Company, Ltd.
Melvin and Herbert Simon stated, "Today's announcement marks another step
in the transition of Simon Property Group's management. 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."
David Simon, Chief Executive Officer of Simon Property Group, stated,
"Since founding the Company more than 45 years ago, Mel and Herb Simon have
led our industry and been the driving force behind our transformation from a
local real estate concern to an international, industry-leading real estate
company. It has been a pleasure working with them, our other directors and
our management team to build on the foundation created by Mel and Herb. We
have all benefited from their unique knowledge, experience and leadership
abilities, and I look forward to executing on our shared plans for the Company
in the years ahead."
Melvin and Herbert Simon founded Melvin Simon & Associates, Inc., Simon
Property Group's predecessor company, in 1960. In December 1993, the firm
successfully completed an initial public offering creating Simon Property
Group, the nation's largest shopping center Real Estate Investment Trust.
About Simon Property Group
Simon Property Group, Inc. is an S&P 500 company and the largest public
U.S. real estate company. Simon is a fully integrated real estate company
which operates from five retail real estate platforms: regional malls, Premium
Outlet Centers(R), The Mills(R), community/lifestyle centers and international
properties. It currently owns or has an interest in 378 properties comprising
257 million square feet of gross leasable area in North America, Europe and
Asia. The Company is headquartered in Indianapolis, Indiana and employs more
than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on
the NYSE under the symbol SPG. For further information, visit the Company's
website at www.simon.com.
SOURCE Simon Property Group, Inc.
/CONTACT: Investors, Shelly Doran, +1-317-685-7330, or Media, Les Morris,
+1-317-263-7711, both of Simon Property Group/
/Web site: http://www.simon.com /
