Herb Simon retires from Simon Property Group
After 65 years in real estate and co-founding Simon Property Group, Herb Simon has retired from the company — which is headquartered in Indianapolis and run by his nephew.
Before Herb Simon and his late brother Mel saved the Indiana Pacers by purchasing the franchise for $11 million in 1983, they worked in real estate and co-founded Simon Property Group.
As of Tuesday, Feb. 4, Simon officially retired from his post as Chairman Emeritus of the Board of Directors, SPG announced on Thursday afternoon.
It is headquartered in downtown Indianapolis.
In a press release, Herb said: “Mel and I started our real estate journey 65 years ago having no idea where it would take us. Simon has grown to be one of the most respected and successful companies in the world. With David's leadership as CEO starting 30 years ago in 1994, I expect that SPG will continue to grow and prosper for many years to come. I look forward to watching its continued success with all the future opportunities brought its way.”
His nephew, David (Mel’s son), serves as the chairman, CEO and president of SPG.
“Our Company has benefited greatly from Herb's unique knowledge and experience as one of our co-founders, and I thank him immensely on behalf of myself, the Board, our management team and more than 3,600 employees,” David Simon said.
Herb, the longest-tenured owner in NBA history, was elected into the Naismith Basketball Hall of Fame in October. He celebrated his 90th birthday a few months ago.
David Simon said in an earnings report this week that he’s “extremely pleased with our fourth quarter results, concluding another successful and productive year for our Company.”
SPG is trading at $180.17 on Thursday, up from $143.39 one year ago. Net income for the past year was $2.368 billion.
(Disclosure: As a native of Indianapolis, I own shares of SPG.)
Herb continues to be the owner and chairman of Pacers Sports & Entertainment. His son, Steve, is the alternate governor. Rachel Simon is the chair of the Pacers Foundation and Cindy Simon-Skjodt is also on the board.
Herb and his family were just in Paris a few weeks ago as the Pacers played the San Antonio Spurs twice in front of sellout crowds. The organization held a Pacers Golden Gala during the week and were all-in on this trip, part of the NBA Global Games.
The Simon family continues to be the majority owner of PS&E, including the Indiana Pacers and Fever. Minority owner Steven Rales holds a 20% equity stake.
This past year, 2024, was a banner year for Simon.
His team returned to the postseason for the first time since 2020.
They won a playoff series for the first time since 2014.
A banner was hung in the rafters of Gainbridge Fieldhouse, next to one for Mel.