8-KOther EventsExhibits & Filings

SIMON PROPERTY GROUP INC. 8-K Report, Corporate Update (Mar 28, 2014)

Filed March 28, 2014For Securities:SPGSPG-PJ

Summary

This 8-K filing from Simon Property Group, Inc. (SPG), dated March 28, 2014, primarily announces a change in leadership within its Board of Directors. The Board's Independent Directors have appointed Larry C. Glasscock as the new Lead Independent Director, effective March 27, 2014, succeeding J. Albert Smith, Jr. Mr. Smith will continue his valuable contributions as a Board member and Chairman of the Audit Committee. Furthermore, the company has updated its Corporate Governance Principles to enhance the roles of the Chairman and Lead Independent Director. Investors can access the full revised Governance Principles document for detailed insights into the company's commitment to strong corporate governance. This filing signifies a move to strengthen board oversight and clearly define leadership responsibilities.

Key Highlights

  • 1Appointment of Larry C. Glasscock as Lead Independent Director, effective March 27, 2014.
  • 2J. Albert Smith, Jr. steps down as Lead Independent Director but remains on the Board and as Audit Committee Chairman.
  • 3The Board's Independent Directors made the leadership decision.
  • 4Larry C. Glasscock brings significant experience from his previous CEO role at WellPoint Inc. and current board positions at Zimmer Holdings, Inc. and Sysco Corporation.
  • 5Modifications to the Company's Governance Principles have been approved to strengthen the roles of Chairman and Lead Independent Director.
  • 6The updated Governance Principles are publicly available and attached as Exhibit 10.1.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce a change in leadership for the Lead Independent Director position on Simon Property Group's Board of Directors and to report on the modification of the company's Corporate Governance Principles.

Larry C. Glasscock has been appointed as the new Lead Independent Director. He joined the Board in 2010 and previously served as Chairman and CEO of WellPoint Inc. He also holds current board positions at Zimmer Holdings, Inc. (as non-executive Chairman) and Sysco Corporation.

J. Albert Smith, Jr. is stepping down as Lead Independent Director after serving since 2005. However, he will continue to serve Simon Property Group as a member of the Board of Directors and as the Chairman of its Audit Committee.

The full text of the newly modified Governance Principles can be found at governanceprinciples.simon.com and is attached as Exhibit 10.1 to this 8-K filing.