Simon Property Group has restored the cuts it has made to its executive and board members' salaries in the Spring due to the COVID-19 pandemic.
Last week Simon's compensation committee approved reinstating the annual base salaries of Chairman of the Board, CEO and President David Simon (restored to $1.25 million), General Counsel and Secretary Steven E. Fivel ($650,000), Chief Administrative Officer John Rulli ($650,000), Executive Vice President, CFO and Treasurer Brian J. McDade ($500,000) and Assistant General Counsel and Assistant Secretary Alexander L.W. Snyder ($445,000).
The reinstatement will take effect on Dec. 19. Also, Simon's compensation committee unanimously approved paying each executive officer salary lost during the period when pay was reduced.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
