David Simon, chairman and CEO of Simon Property Group, has stepped down as chairman of the real estate investment trust's special purpose acquisition company, or SPAC, and was replaced at that entity by his son Eli Simon.
The SPAC, Simon Property Group Acquisition Holdings, said on Friday that David Simon also stepped off the board of that entity and that his departure from the SPAC is "effective immediately," according to a filing with the Securities and Exchange Commission. The filing did not specifically say why Simon, who had served as chairman since the SPAC's inception, had departed.
"Mr. Simon’s resignation did not involve a disagreement with the company on any matter relating to the company’s operations, policies or practices," the Simon SPAC said in the filing.
Simon Property Group Acquisition Holdings appointed director and CEO Eli Simon as chairman, according to the SEC filing. Indianapolis-based Simon Property Group Acquisition Holdings did not immediately respond to a request for additional information about David Simon's departure.
Simon Property Group, the largest owner of U.S. malls, launched Simon Property Group Acquisition Holdings last year. The SPAC, or "blank-check" company, was established to acquire and take public privately held companies that could benefit from Simon’s experience running shopping malls and brands, according to the SPAC's registration filing with the SEC.
The SPAC completed its $345 million initial public offering in February 2021. Simon Property Group Acquisition Holdings had $345.5 million in total assets as of March 31, according to a quarterly report filed with the SEC.
Eli Simon has served as CEO of the SPAC since its inception. He serves as senior vice president of corporate investments at Simon Property Group, which hired him in May 2019.
In 2021, the parent company paid Eli Simon a base salary of $325,000 and an annual cash incentive compensation of $400,000, according to the REIT's 2022 proxy statement.
Before he joined Simon Property, Eli Simon served as head of North American lodging at Och-Ziff Real Estate, where he also was a principal.
David Simon, who was 60 when Simon Property filed its proxy statement in late March, has served as chairman of the REIT since 2007 and as the CEO of it and predecessor companies since 1995. He also is the REIT's president.