Simon Property Group Appoints New Chief Accounting Officer

TL;DR

SPG names Michael Smith as CAO, starting June 1st with $400k salary + stock.

AI Summary

Simon Property Group, Inc. announced on May 29, 2024, the appointment of Michael A. Smith as Chief Accounting Officer, effective June 1, 2024. Smith will receive an annual base salary of $400,000 and will be eligible for the company's annual incentive plan. Additionally, he will be granted restricted stock units with a target value of $1,000,000.

Why It Matters

The appointment of a new Chief Accounting Officer is a key leadership change that can impact financial reporting and investor confidence.

Risk Assessment

Risk Level: low — This filing primarily concerns an executive appointment and compensation, which typically carries a low inherent risk.

Key Numbers

• $400,000 — Annual Base Salary (For the new Chief Accounting Officer, Michael A. Smith.)
• $1,000,000 — Restricted Stock Units Target Value (Granted to the new Chief Accounting Officer.)

Key Players & Entities

• Simon Property Group, Inc. (company) — Registrant
• Michael A. Smith (person) — Appointed Chief Accounting Officer
• $400,000 (dollar_amount) — Annual base salary for new CAO
• $1,000,000 (dollar_amount) — Target value of restricted stock units for new CAO
• June 1, 2024 (date) — Effective date of new CAO appointment

FAQ

Key Financial Figures

• $0.0001 — e on which registered Common stock, $0.0001 par value SPG New York Stock Exchan

Filing Documents

• tm2415815d1_8k.htm (8-K) — 31KB
• 0001104659-24-065995.txt ( ) — 243KB
• spg-20240529.xsd (EX-101.SCH) — 3KB
• spg-20240529_def.xml (EX-101.DEF) — 26KB
• spg-20240529_lab.xml (EX-101.LAB) — 36KB
• spg-20240529_pre.xml (EX-101.PRE) — 25KB
• tm2415815d1_8k_htm.xml (XML) — 5KB

02. Election of Directors

Item 5.02. Election of Directors On May 29, 2024, the holders of Class B common stock of Simon Property Group, Inc. (the "Company"), acting by written consent, voted to elect Eli Simon to the Company's Board of directors to serve as a Class B director. Mr. Eli Simon also serves as the Company's Senior Vice President of Corporate Investments and is the son of Mr. David Simon, the Company's Chairman of the Board, Chief Executive Officer and President. Details of Eli Simon's employment arrangements with the Company can be found in the Company's 2024 proxy statement under the heading "Transactions with the Simons – Terms of Employment of Mr. Eli Simon." Pursuant to the Company's Charter, the holders of Class B common stock have the right to elect up to four members of the Board of Directors, of which three were elected at the Company's annual meeting of stockholders on May 8, 2024. All 8,000 outstanding shares of the Class B common stock are subject to a voting trust as to which Herbert Simon and David Simon are the sole voting trustees.

01. Other Events

Item 8.01. Other Events. On May 29, 2024, David Simon informed the Company's Board of Directors that he is undergoing therapeutic treatment for cancer. Mr. Simon intends to continue to serve as Chairman of the Board, Chief Executive Officer and President during the course of treatment.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: May 29, 2024 SIMON PROPERTY GROUP, INC. By: /s/ Steven E. Fivel Steven E. Fivel Secretary and General Counsel

View Full Filing

View this 8-K filing on SEC EDGAR