Simon Property Group Announces That Its Two Most Highly Tenured Independent Directors Will Retire from the Board

Rhea-AI Summary

On March 23, 2023, Simon Property Group (NYSE: SPG) announced the retirement of two long-serving Independent Directors, J. Albert Smith, Jr. and Karen H. Horn, Ph.D., effective at the Annual Meeting on May 4, 2023. David Simon, CEO, expressed gratitude for their invaluable contributions to the company. Smith has been part of the Board since 1993 and served as Chair of the Audit Committee, while Horn joined in 2004, leading corporate governance development. Simon Property Group is a leading real estate investment trust engaged in premier shopping and entertainment destinations globally, generating billions in annual sales.

Positive

• Long-serving Independent Directors retiring may prompt fresh perspectives on the Board.
• David Simon expressed gratitude for the directors' contributions, indicating strong leadership and stability.

Negative

• Retirement of tenured directors could raise concerns about continuity in governance and oversight.

INDIANAPOLIS, March 23, 2023 /PRNewswire/ -- Simon^®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, announced today that its two most highly tenured Independent Directors, J. Albert Smith, Jr. and Karen H. Horn, Ph.D. will retire from the Board of Directors of Simon Property Group, Inc. at the upcoming Annual Meeting to be held on May 4, 2023.

David Simon, Chairman of the Board of Directors, Chief Executive Officer and President stated, "On behalf of the entire Board of Directors, our officers and employees, I want to personally thank both, Al and Karen for their incredible dedication and thoughtful service to our Company. They have tirelessly delivered invaluable insight into Board deliberations and provided critical oversight through our remarkable growth and operating history."

"Since we became a public company in 1993, Al Smith has distinguished himself as an effective leader on the Board and Audit Committee and Karen, who joined our Board in 2004, led the Board's development of our leading corporate governance principles as well as attracting new candidates for our Board," said David Simon.

Mr. Smith was appointed Chair of the Audit Committee in 1998, and he served as our Lead Independent Director from 2003 to 2014 and Ms. Horn was appointed Chair of the Governance and Nominating Committee in 2005.  

About Simon
Simon^® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

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SOURCE Simon

FAQ

Who are the retiring directors of Simon Property Group?

J. Albert Smith, Jr. and Karen H. Horn, Ph.D. are retiring.

When is the Simon Property Group Annual Meeting?

The Annual Meeting is scheduled for May 4, 2023.

What positions did the retiring directors hold at Simon Property Group?

J. Albert Smith served as Chair of the Audit Committee, while Karen Horn was Chair of the Governance and Nominating Committee.

What is the significance of the retiring directors for Simon Property Group?

Their retirement may impact corporate governance and strategic direction.

What is Simon Property Group's stock symbol?

The stock symbol for Simon Property Group is SPG.