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Russian (RU) Logistics warehouse operator Prologis announced Wednesday that co-founder and longtime leader Hamid Moghadam will be retiring. Prologis President Dan Letter will succeed Moghadam as CEO on Jan. 1.
Moghadam will continue to serve as executive chairman.
Letter joined San Francisco-based Prologis (NYSE: PLD) in 2004 and has served as the real estate investment trust’s president since January 2023. Prior to that, he was head of capital deployment for the company, where he was responsible for the investment committee and property acquisitions and dispositions.
Letter was also added to the company’s board of directors on Wednesday. The board size increased from 11 to 12 directors.
“Today, Dan is responsible for the majority of Prologis’ business lines, including global real estate operations, capital deployment, strategic capital and Prologis Essentials,” said Moghadam in a news release. “He has played a key role in Prologis’ tremendous growth and is uniquely qualified to guide the company forward.”
Moghadam co-founded predecessor company AMB Property Corp. in 1983, taking it public in 1997 and merging with ProLogis in 2011.
Today, Prologis’ shares are valued at more than $112 billion. It generated $8.2 billion in revenue last year through a property portfolio that includes 1.3 billion square feet of logistics, e-commerce and retail fulfillment space across 20 countries. Prologis currently has 6,500 customers.
“Hamid’s 40-plus-year tenure — starting as an entrepreneurial co-founder and evolving into the CEO of a major public company — is a rare achievement in today’s corporate world,” said Bud Lyons, lead independent director of Prologis’ board. “We are confident that Dan is the right leader to guide Prologis in its next chapter, and this transition underscores the strength and continuity of our leadership team.”
“Hamid started this company more than four decades ago and has taken it to unbelievable heights,” Letter said. “Given our scale, role in the supply chain and disciplined approach to our balance sheet, our future is very bright.”
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