Brothers Melvin and Herbert Simon stepped down Thursday as co-chairs of Simon Property Group, ending their more than four-decade-long active tenure at the Indianapolis mall development company they founded.
Although the two are into their golden years -- Melvin is 81 and Herbert 73 -- the announcement came as something of a surprise. They have remained closely involved with their company, although they turned over the daily running of the publicly traded real estate investment trust to Melvin's son David 12 years ago, when he was named chief executive officer.
David now will take on the title of chairman as well, the company said. His father and uncle were named co-chairs emeritus, an honorary title.