Simon Property Group has made a few key leadership changes.
The largest owner of U.S. malls announced Thursday that Executive Vice President and Chief Investment Officer Eli Simon was promoted to chief operating officer. Simon, who has been with the company since 2019, will work directly with Chairman and CEO David Simon on all aspects of the business.
Eli Simon is David Simon's eldest son, and his growing role and responsibilities at the company are reflective of the elder Simon's efforts to position him as the next CEO of the company – efforts that have ramped up since David Simon's pancreatic cancer diagnosis last year and subsequent treatment.
Though the CEO decision ultimately rests with the company's board, the elder Simon told the Wall Street Journal in June that his son is up to the task.
"Certainly I think he should aspire to it and I think he’s capable of doing it," he said.
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The retail owner also announced the new co-presidents of North American Real Estate would be Jonathan Murphy and Eric Sadi.
In their new roles, Murphy and Sadi will oversee Simon's North American real estate portfolio and be responsible for both asset management and leasing strategies. Since 2020, the two have been co-presidents of Simon's mall platform.
The promotions come as Simon reported improved earnings and occupancy in the second quarter. It also raised its guidance for the year slightly at its most recent earnings call, Commercial Observer reported.
“You read about all of these companies that are restructuring — now they’re going to lease their properties better, now they’re going to manage their balance sheet better, now they’re going to bring in new management and be better, this, that and the other thing. There’s one group, one group that’s never done that, and that’s us," CEO David Simon told investors on a Monday earnings call.
"All we’ve done is run our business appropriately, and we’ll continue to do so.”
Simon owns more than 170M SF of malls, outlets and mixed-use developments in the U.S. As recently as June, it added to that portfolio, spending $512M to acquire a Miami mall.
UPDATE, AUG. 8, 8:45 A.M. PT: This story has been updated with information about David Simon's efforts to position his son as his successor.
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