Herbert Simon retires from role on Simon Property Group board

Herbert Simon is pictured in 2019, when the 2021 edition of the NBA All-Star Game was on track to be played in Indianapolis. Because of the pandemic, Indianapolis hosted the game in 2024. (IBJ file photo)

Herbert Simon, former CEO of Simon Property Group Inc. and co-founder of the company that preceded it, retired this week from his role as chairman emeritus.

Simon, 90, partnered with his brother, Melvin Simon, in 1960 to launch real estate company Melvin Simon & Associates. Today, Indianapolis-based Simon Property Group is the largest owner of shopping malls in the United States.

“Mel and I started our real estate journey 65 years ago having no idea where it would take us,” Herbert Simon said in a written statement. “Simon has grown to be one of the most respected and successful companies in the world.”

According to a Simon Property Group news release, Herbert Simon’s retirement became effective on Tuesday.

Melvin Simon died in 2009 at age 82. David Simon, son of Melvin Simon, is CEO of Simon Property Group.

“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,” Herbert Simon said. “I look forward to watching its continued success with all the future opportunities brought its way.”

Herbert Simon has served as chairman emeritus since 2007. He served as co-chairman of the board from 1995 to 2007. His CEO stint was 1993 to 1995, a time that bridged the end of Melvin Simon & Associates and the beginning of Simon Property Group as a publicly traded company.

David Simon has served as chair of Simon Property Group since 2007 and president since 2019.

“Our company has benefited greatly from Herb’s unique knowledge and experience as one of our co-founders,” Simon said in a written statement. “I thank him immensely on behalf of myself, the board, our management team and more than 3,600 employees.”

Melvin and Herbert Simon were credited with keeping professional basketball in Indianapolis when they purchased the Indiana Pacers in 1983. Herbert Simon, chairman and owner of Pacers Sports & Entertainment, became a member of the Naismith Memorial Basketball Hall of Fame in 2024. Herb Simon and his family remain owners of the Pacers.

The Simon real estate investment trust developed Circle Centre Mall in 1995. Simon Property Group was part of the ownership group that sold the mall in 2022.

The company acquired the Fashion Mall in 1998, Castleton Square Mall in 1996 and Greenwood Park Mall in 1977.

Outside of Indiana, the company opened the Mall of America in a Minneapolis suburb in 1992. Simon Property Group sold its interest in the Mall of America in 2006.