1340 AM, Friday, September 5th, 2008
Simon Brothers Give Up Control Of Company
Last updated on Saturday, October 27, 2007
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(INDIANAPOLIS) - Indiana Pacers owners Herb and Mel Simon are giving up control of their shopping-mall development company.
They've retired as co-chairmen of Simon Property Group, handing the reins to CEO David Simon, Mel's son. David Simon has handled day-to-day business since becoming CEO in 1995.
The Simons founded the company in 1960. It's now the nation's largest publicly traded retail real estate company. The Indianapolis-based firm owns or manages 320 malls around the country.
The elder Simons will remain on the company's board and focus primarily on international expansion. Mel Simon is 81. Herb is 73.
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