- CEO Hamid Moghadam plans
retirement; will continue as Executive Chairman
- President Dan Letter to
become CEO January 2026; joins Board
of Directors
SAN
FRANCISCO, Feb. 19, 2025 /PRNewswire/ -- Prologis,
the global leader in logistics real estate, today announced the
retirement of its co-founder, Hamid R.
Moghadam, from his CEO role, effective January 1, 2026. After more than four decades of
visionary leadership, Moghadam will continue as executive chairman,
providing strategic guidance consistent with the company's mission
of "enduring excellence."
As part of the company's succession plan, Dan Letter, currently
president, will succeed Moghadam as CEO. Letter, who has been with
Prologis since 2004, is well prepared to lead the company into its
next phase of growth, with deep industry experience and a
leadership style rooted in collaboration and
innovation. Letter will also join the company's Board of
Directors, effective immediately.
CEO Transition in 2026
Moghadam co-founded Prologis'
predecessor, AMB Property Corporation, in 1983 in San Francisco. Under his leadership, the
company grew from a startup to a global leader, with a successful
IPO in 1997 and its merger with ProLogis in 2011. Moghadam's focus
on delivering value to customers, employees, communities and
investors became the cornerstone of Prologis' mission and
culture.
"This transition has been carefully planned to ensure Prologis'
continued success," said Moghadam. "Having worked closely with Dan
for more than 20 years, I have full confidence in his leadership.
He embodies our values and is committed to the company's long-term
vision. I look forward to supporting him and the leadership team in
my new role."
Moghadam continued, "Today, Dan is responsible for the majority
of Prologis' business lines, including global real estate
operations, capital deployment, strategic
capital and Prologis Essentials. He has played a key
role in Prologis' tremendous growth and is uniquely qualified to
guide the company forward."
Letter commented: "Hamid started this company more than four
decades ago and has taken it to unbelievable heights. Given our
scale, role in the supply chain and disciplined approach to our
balance sheet, our future is very bright. I am excited to continue
to work with Hamid and the rest of the management team to grow and
strengthen the company."
Irving F. "Bud" Lyons, lead
independent director for Prologis' Board of Directors, said: "We
are deeply grateful for Hamid's transformative leadership. 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. 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."
Dan Letter
Prior to becoming president, Letter was
global head of capital deployment, where he had responsibility for
the company's Investment Committee, deployment pipeline management
and multi-market portfolio acquisitions and dispositions.
He joined AMB Property Corporation in 2004 as a development
manager in Chicago. Over the next
16 years, he took on roles with increasing responsibility in two of
the company's largest regions (U.S. West and U.S. Central). Before
taking a global role, he served as president of the U.S. Central
Region, where he set strategy for the division and managed
development, acquisitions and operations.
Letter has a Bachelor of Science in Civil Engineering from
Marquette University. He is a member of
Nareit's Advisory Board of Governors and the Real Estate
Roundtable.
About Prologis
The world runs on logistics.
At Prologis, we don't just lead the industry, we define it. We
create the intelligent infrastructure that powers global commerce,
seamlessly connecting the digital and physical worlds. From agile
supply chains to clean energy solutions, our ecosystems help your
business move faster, operate smarter and grow sustainably. With
unmatched scale, innovation and expertise, Prologis is a category
of one–not just shaping the future of logistics but building what
comes next. Learn more at Prologis.com.
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SOURCE Prologis, Inc.