David Simon
Director at APO
Board
About David Simon
David Simon (age 63) is an independent director of Apollo Global Management (AGM) and has served on Apollo’s boards since June 2021 (AAM) and January 2022 (AGM). He is Chairman, CEO, and President of Simon Property Group (SPG), and Chair of the Supervisory Board of Klépierre S.A.; earlier roles include Vice President at Wasserstein Perella and Associate at First Boston. He holds a B.S. from Indiana University’s Kelley School of Business and an M.B.A. from Columbia University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Simon Property Group | Chief Executive Officer; Chairman; President | CEO since 1995; Chairman since 2007; President since Feb 2019 | Long-tenured REIT leader; extensive deal-making and financing experience |
| Simon Property Group (predecessor) | President | 1993–1996 | Senior leadership in precursor entity |
| Wasserstein Perella & Co. | Vice President | 1988–1990 | Investment banking experience |
| First Boston Corp. | Associate | 1985–1988 | Early-stage corporate finance training |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Simon Property Group (NYSE: SPG) | Chairman, CEO, President | Current | Significant SPG shareholder; leads largest U.S. mall REIT |
| Klépierre S.A. (Euronext: LI) | Chairman of Supervisory Board | Current | Paris-based European shopping mall leader |
| Simon Property Group Acquisition Holdings, Inc. (SPAC) | Chairman of the Board | Prior (Jan 2021–Aug 5, 2022) | SPAC launched by SPG |
Board Governance
- Independence: The Nominating and Corporate Governance Committee determined Simon is independent under NYSE rules and AGM’s guidelines .
- Committee assignments: None disclosed for AGM’s Audit, Compensation, Nominating & Corporate Governance, Sustainability, or Executive Committees (he is not listed on any of these rosters) .
- Attendance and engagement:
- AGM Board met 4 times in 2024; each director attended ≥75% of applicable meetings .
- Simon has attended 100% of Apollo board meetings since joining and attended AGM’s 2024 Annual Meeting .
| Governance Item | 2024/Current | Evidence |
|---|---|---|
| Independence | Independent director | |
| Board meetings held (2024) | 4 | |
| Simon attendance | 100% of Board meetings since joining; attended 2024 AGM | |
| Committee memberships | None listed (not on Audit/Comp/NCG/Sustainability/Executive) |
Fixed Compensation
| Component (AGM Independent Director) | Amount | Notes |
|---|---|---|
| Base annual cash retainer | $150,000 | Basis for stock ownership guidelines (5× retainer) |
| RSU annual grant (typical) | ~$200,000 | Welcome grant $200,000; $250,000 for Lead Independent Director |
| Additional fees (Lead Independent/Chair) | $100,000 if applicable | Applies to Lead Independent Director/Independent Chair |
| Committee chair fee | $25,000 (incremental) | Chair fee is incremental to member fee |
| Committee member fee | $25,000 | For standing/ad hoc committees |
2024 actuals for David Simon (AGM):
- Fees earned in cash: $150,000; Stock awards: $199,989; All other compensation: $0; Total: $349,989 .
| David Simon – 2024 AGM Director Pay Mix | Amount ($) |
|---|---|
| Cash fees | 150,000 |
| RSU grant (grant-date fair value) | 199,989 |
| All other comp | — |
| Total | 349,989 |
Additional program features:
- Independent directors may defer settlement of annual RSU awards and/or cash retainer until service ends .
- Stock ownership guideline: 5× base cash retainer ($750,000 equivalent), to be met within five years; directors <5 years are on-track .
Performance Compensation
- No performance-based compensation disclosed for independent directors. Annual director equity grants are time-based RSUs, not tied to performance metrics .
Other Directorships & Interlocks
| Company | Relationship to Apollo | Interlock/Transaction | Terms/Status |
|---|---|---|---|
| Simon Property Group (SPG) | David Simon is SPG Chairman/CEO/President | A subsidiary of Apollo (AAIA) made a loan to an SPG affiliate | $95,000,000 loan at 6.66% (Aug 2023); $6,345,888 interest received in 2024; $93,075,418 outstanding at 12/31/2024 |
| Klépierre S.A. | David Simon is Chair of Supervisory Board | None disclosed | — |
RED FLAG – Related-party exposure: Apollo’s insurance subsidiary (AAIA) lending to an SPG affiliate while Simon serves as SPG CEO/Chair creates an ongoing related-party link, though disclosed and quantified in “Certain Relationships” .
Expertise & Qualifications
- Deep real estate and capital markets expertise from decades leading SPG and chairing Klépierre .
- Investment banking background (Wasserstein Perella, First Boston) .
- Financial literacy and public board leadership experience highlighted in the director skills matrix .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | As of |
|---|---|---|---|
| David Simon | 10,118 | <1% | April 1, 2025 |
Ownership alignment and guidelines:
- Director stock ownership guideline: 5× $150,000 = $750,000, to be achieved within five years; directors with <5 years’ tenure are on track .
- Insider trading policy (applicable to directors): prohibits speculative transactions (e.g., short sales, puts/calls) and hedging; limited exceptions for certain senior leaders under conditions .
Investments in Apollo-managed vehicles (director/related persons):
- 2024 investments: $227,263 by Simon; 2024 distributions: $25,473 .
| 2024 Apollo-Managed Vehicle Activity | Amount ($) |
|---|---|
| Investments by David Simon (and permitted related persons) | 227,263 |
| Distributions received | 25,473 |
Recent insider filings:
- Form 4 filed July 2, 2025 (period of report July 1, 2025) – available on SEC EDGAR . Third-party tracker shows 13,263 total shares owned following this filing .
- Form 4 filed July 3, 2024 – available via SEC database mirror .
Governance Assessment
- Independence and attendance: Simon is an independent director with exemplary attendance (100% of Apollo board meetings since joining) and presence at the 2024 Annual Meeting, supporting strong engagement and reliability . Board-wide, directors met attendance expectations in 2024 .
- Committee influence: He is not assigned to key committees (Audit/Comp/NCG/Sustainability/Executive), limiting direct oversight leverage in those areas; however, his sector expertise adds strategic value at the full board level .
- Alignment and ownership: Beneficially owns 10,118 AGM shares as of April 1, 2025 (<1%); subject to a 5× retainer ownership guideline with a five-year compliance window—directors under five years are on track .
- Conflicts/related-party exposure: The AAIA $95 million loan to an SPG affiliate (6.66% interest; $93.1 million outstanding at 12/31/2024) is a notable, ongoing related-party linkage given Simon’s executive role at SPG; disclosure and Audit Committee oversight policies mitigate but do not eliminate perceived conflict risk. This should be monitored for renewals/modifications and for any additional Apollo–SPG transactions. RED FLAG .
- Policy safeguards: AGM has meaningful governance frameworks—independent committees, majority independent board, majority vote standard, proxy access, director stock ownership guidelines, and a comprehensive related-party transactions policy under Audit Committee oversight—which bolster investor confidence despite interlock exposures .
Bottom line: Simon brings high-caliber real estate/operator expertise and strong attendance/engagement. Key monitoring items for investors are (i) the AAIA–SPG affiliate loan (terms, performance, renewals), (ii) progress toward stock ownership guideline compliance within the five-year window, and (iii) any expansion of Apollo–SPG/Klépierre dealings that could elevate conflict perceptions .