SAN
FRANCISCO, Feb. 15, 2022 /PRNewswire/ -- Prologis
(NYSE: PLD) today announced
Tim Arndt will be the company's new
chief financial officer effective April 1,
2022. Arndt, who has been with Prologis since 2004, will
succeed long-time CFO Tom Olinger,
who plans to retire. A well-respected leader in the logistics
real estate industry, Olinger has had a significant impact on
Prologis and on the industry overall. During his tenure, the
company significantly expanded its scale and scope, moving into the
top 100 companies of the S&P 500 and growing its total square
footage from less than 150 million to one billion.
"Tom's leadership has materially contributed to the success of
the company over his years of service. This includes the
integration of numerous transactions, as well as building an
industry-leading financial infrastructure and team that position us
for continued success," said Prologis CEO and co-founder
Hamid R. Moghadam. "Tom has
been a great partner and a key leader for our company for 15 years.
I've appreciated and relied on his level-headed and thoughtful
approach. He will be greatly missed, and we wish him the very best
in his retirement."
He continued: "Looking to the future, I believe Tim's expertise
and extensive business experience make him the ideal next CFO as we
continue our focus on delivering long-term value to our
shareholders. He knows the industry and our business very well and
has played an important role in building our financial strategy for
many years."
This change is the culmination of extensive preparation and a
part of Prologis' ongoing leadership succession planning process.
Olinger will remain with the company through the balance of the
year as part of the transition plan. When he retires, he plans to
focus full time on philanthropic causes.
"Serving as Prologis' CFO has been the highlight of my career,"
said Olinger. "I'm so proud to see how this company has prospered
and excited knowing that Prologis' best years are still ahead. We
have a deep bench of financial talent, and I am confident that
under Tim's leadership, the finance team will further help drive
the company's growth."
As the new CFO, Arndt will be responsible for the company's
worldwide corporate finance. His areas of responsibility will
include treasury, cash management, financial planning and
reporting, accounting, tax, investor relations and internal
audit.
"I am very excited and honored to step into this role for
Prologis, a company I've believed in and served for 18 years," said
Arndt. "The company has incredible growth opportunities, both
organic and inorganic, which I look forward to seizing together
with this highly capable team."
Arndt is a seasoned finance leader with Prologis, having joined
AMB in 2004 in portfolio management for the company's Strategic
Capital business. Over his tenure, he has worked in several
capacities, including as corporate treasurer, head of corporate
planning and in the company's global deployment team. Previously,
Arndt worked in real estate strategy at Gap Inc. and in debt
capital markets at Forest City Enterprises.
ABOUT PROLOGIS
Prologis, Inc. is the global leader in
logistics real estate with a focus on high-barrier, high-growth
markets. As of December 31, 2021, the
company owned or had investments in, on a wholly owned basis or
through co-investment ventures, properties and development projects
expected to total approximately 1.0 billion square feet (93 million
square meters) in 19 countries. Prologis leases modern logistics
facilities to a diverse base of approximately 5,800 customers
principally across two major categories: business-to-business and
retail/online fulfillment.
FORWARD-LOOKING STATEMENTS
The statements in this
document that are not historical facts are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements are based on
current expectations, estimates and projections about the industry
and markets in which we operate as well as management's beliefs and
assumptions. Such statements involve uncertainties that could
significantly impact our financial results. Words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
and "estimates," including variations of such words and similar
expressions, are intended to identify such forward-looking
statements, which generally are not historical in nature. All
statements that address operating performance, events or
developments that we expect or anticipate will occur in the
future—including statements relating to rent and occupancy growth,
development activity, contribution and disposition activity,
general conditions in the geographic areas where we operate, our
debt, capital structure and financial position, our ability to form
new co-investment ventures and the availability of capital in
existing or new co-investment ventures—are forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Although we believe the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, we can give no assurance that our
expectations will be attained and, therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. Some of the factors that may
affect outcomes and results include, but are not limited to: (i)
national, international, regional and local economic and political
climates; (ii) changes in global financial markets, interest rates
and foreign currency exchange rates; (iii) increased or
unanticipated competition for our properties; (iv) risks associated
with acquisitions, dispositions and development of properties; (v)
maintenance of real estate investment trust status, tax structuring
and changes in income tax laws and rates; (vi) availability of
financing and capital, the levels of debt that we maintain and our
credit ratings; (vii) risks related to our investments in our
co-investment ventures, including our ability to establish new
co-investment ventures; (viii) risks of doing business
internationally, including currency risks; (ix) environmental
uncertainties, including risks of natural disasters; (x) risks
related to the current coronavirus pandemic; and (xi) those
additional factors discussed in reports filed with the Securities
and Exchange Commission by us under the heading "Risk Factors." We
undertake no duty to update any forward-looking statements
appearing in this document except as may be required by law.
![Prologis. (PRNewsFoto/Prologis, Inc.) (PRNewsFoto/Prologis, Inc.) Prologis. (PRNewsFoto/Prologis, Inc.) (PRNewsFoto/Prologis, Inc.)](https://mma.prnewswire.com/media/159840/prologis_inc_logo.jpg)
View original content to download
multimedia:https://www.prnewswire.com/news-releases/prologis-announces-new-cfo-301482585.html
SOURCE Prologis, Inc.