Simon Reveals Name, CEO of SpinoffPosted: Updated:
Indianapolis-based Simon Property Group Inc. (NYSE:SPG) has announced the name and chief executive officer of its new independent, publicly-traded real estate investment trust. Washington Prime Group Inc. will be led by Mark Ordan, who will oversee nearly 100 strip centers and smaller enclosed malls throughout the country. Simon announced the spinoff in December.
February 25, 2014
INDIANAPOLIS, Ind. - Simon Property Group, Inc. (NYSE:SPG), a global leader in retail real estate, announced today the appointment of Mark Ordan as Chief Executive Officer of Washington Prime Group, Inc. which will be an independent, publicly traded REIT, comprised initially of SPG's strip center business and its smaller enclosed malls. Washington Prime Group's mission is to own stable, quality retail properties that effectively serve the communities in which they are located. Washington Prime Group is expected to initially own or have an interest in 98 diversified retail real estate assets.
Ordan brings to the new enterprise a progressive and successful career leading public companies at the nexus of real estate and consumer demand in retailing, retail real estate and healthcare. Most recently, Ordan was CEO of Sunrise Senior Living, having led its successful turnaround and eventual sale to Health Care REIT and KKR. Prior to Sunrise, Ordan guided the turnaround of The Mills Corporation as its CEO, and then led its sale to Simon Property Group and Farallon Capital Management.
Ordan was founder and CEO of Fresh Fields which he sold to Whole Foods Market. He served on the board of Federal Realty Investment Trust for 10 years and was non-executive Chairman from 2001 through 2006 when he led the Board of Director's restructuring of the senior management team.
David Simon, Chairman and CEO of Simon Property Group said, "We worked closely with Mark during the Mills transaction and found him to be a top-rate executive with particular expertise in creating value for an organization. I am very confident Mark has the retail real estate operating experience to lead this exciting new company."
"We are pleased to have a Chief Executive Officer of Mark's background which combines success leading public companies as both a CEO and Board Chair with prominent positions in retail and retail real estate," said Richard S. Sokolov, SPG's President and COO. "He is perfectly suited for this position."
Ordan received his BA from Vassar College and has served on its Board of Trustees for 15 years. He received his MBA from Harvard Business School. He lives outside Washington, DC with his wife and family.
About Simon Property Group
Simon Property Group Inc. (NYSE:SPG) is an S&P 100 company and a global leader in the retail real estate industry. The Company currently owns or has an interest in more than 325 retail real estate properties in North America, Asia and Europe comprising approximately 243 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately 5,500 people in the U.S. For more information, visit the Simon Property Group website at www.simon.com.
Source: Simon Property Group, Inc.