Logistics warehouse operator Prologis announced on Wednesday that co-founder and old leader Hamid Moghadam will retire. Prologis President Dan Letter will follow Moghadam as CEO on January 1.
Moghadam will continue to serve as an executive chairman.
Letter became a member of the San Francisco-Prologis (NYSE: PLD) in 2004 and since January 2023 the President of the Real Estate Investment Trust served. Before that he was head of capital deployment for the company, where he was responsible for the investment committee and delights and dispositions.
Letter was also added to the board of the company on Wednesday. The board size increased from 11 to 12 drivers.
“Nowadays, most of the company rules of Prologis, including global real estate activities, capital implementation, strategic capital and Prologis Essentials,” Moghadam said in a press release. “He played a key role in the enormous growth of Prologis and is unique qualified to lead the company ahead.”
Moghadam was a co-founder of predecessor company Amb Property Corp. In 1983, it took public in 1997 and merged with Prologis in 2011.
Nowadays the shares of Prologis are appreciated at more than $ 112 billion. Last year it generated $ 8.2 billion in income via a real estate portfolio with 1.3 billion square feet of logistics, e-commerce and retailful filling space in 20 countries. Prologis currently has 6,500 customers.
“Hamid’s 40-plus-year announcement period-proofing as co-founder of entrepreneurs and evolves according to the CEO of a large listed company-is a rare performance in the contemporary business world,” said Bud Lyons, leading independent director of the Council of Proscis. “We are convinced that the right leader is to guide Prologis in the next chapter, and this transition underlines the power and continuity of our leadership team.”
“Hamid started this company more than four decades ago and brought it to incredible heights,” said Letter. “Given our scale, role in the supply chain and disciplined approach to our balance, our future is very rosy.”
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