Prologis CEO and Founder Hamid Moghadam to Retire -- Update

Dow Jones

02-20

By Liz Young and Sarina Isaacs

The founder and longtime chief executive of Prologis, Hamid Moghadam, plans to retire next year.

The world's largest industrial property developer on Wednesday said Moghadam, 68 years old, will retire Jan. 1 and be succeeded by Dan Letter, the company's president. Moghadam will stay on as executive chairman.

Moghadam co-founded AMB Property in 1983 in San Francisco and took the company public in 1997. At the time, the company mostly owned neighborhood shopping centers and industrial properties.

AMB sold its retail portfolio in 1999 as that market was softening and placed big bets on providing warehousing for e-commerce retailers. It merged with its larger rival, Prologis, in 2011 to create a global warehousing giant.

The San Francisco-based company today operates 1.2 billion square feet around the world leased to tenants such as Amazon.com, FedEx and Home Depot.

Letter has been with the company since 2004. He was the global head of capital deployment before becoming president in January 2023. He will join the Prologis board as part of the leadership transition.

The company's revenue climbed to $2.2 billion for the quarter ended Dec. 31, up from $1.89 billion a year earlier.

Moghadam in 2023 earned a total of about $50.9 million in compensation, most of it in stock awards, according to a filing with the Securities and Exchange Commission.

Prologis shares were recently down 0.6% at $120.60. The company's shares are up about 14% this year.

Write to Liz Young at liz.young@wsj.com

(END) Dow Jones Newswires

February 19, 2025 12:06 ET (17:06 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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Moghadam will stay on as executive chairman. \n</p>\n<p>\n     Moghadam co-founded AMB Property in 1983 in San Francisco and took the company public in 1997. At the time, the company mostly owned neighborhood shopping centers and industrial properties. \n</p>\n<p>\n     AMB sold its retail portfolio in 1999 as that market was softening and placed big bets on providing warehousing for e-commerce retailers. It merged with its larger rival, Prologis, in 2011 to create a global warehousing giant. \n</p>\n<p>\n     The San Francisco-based company today operates 1.2 billion square feet around the world leased to tenants such as Amazon.com, FedEx and Home Depot. \n</p>\n<p>\n     Letter has been with the company since 2004. He was the global head of capital deployment before becoming president in January 2023. 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The company's shares are up about 14% this year. \n</p>\n<p>\n     Write to Liz Young at liz.young@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  February 19, 2025 12:06 ET (17:06 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones & Company, Inc.\n</p>\n</font></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>Prologis CEO and Founder Hamid Moghadam to Retire -- Update</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPrologis CEO and Founder Hamid Moghadam to Retire -- Update\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\">\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2025-02-20 01:06</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Liz Young and Sarina Isaacs \n</p>\n<p>\n  The founder and longtime chief executive of Prologis, Hamid Moghadam, plans to retire next year. \n</p>\n<p>\n     The world's largest industrial property developer on Wednesday said Moghadam, 68 years old, will retire Jan. 1 and be succeeded by Dan Letter, the company's president. Moghadam will stay on as executive chairman. \n</p>\n<p>\n     Moghadam co-founded AMB Property in 1983 in San Francisco and took the company public in 1997. At the time, the company mostly owned neighborhood shopping centers and industrial properties. \n</p>\n<p>\n     AMB sold its retail portfolio in 1999 as that market was softening and placed big bets on providing warehousing for e-commerce retailers. It merged with its larger rival, Prologis, in 2011 to create a global warehousing giant. \n</p>\n<p>\n     The San Francisco-based company today operates 1.2 billion square feet around the world leased to tenants such as Amazon.com, FedEx and Home Depot. \n</p>\n<p>\n     Letter has been with the company since 2004. He was the global head of capital deployment before becoming president in January 2023. He will join the Prologis board as part of the leadership transition. \n</p>\n<p>\n     The company's revenue climbed to $2.2 billion for the quarter ended Dec. 31, up from $1.89 billion a year earlier. \n</p>\n<p>\n     Moghadam in 2023 earned a total of about $50.9 million in compensation, most of it in stock awards, according to a filing with the Securities and Exchange Commission. \n</p>\n<p>\n     Prologis shares were recently down 0.6% at $120.60. The company's shares are up about 14% this year. \n</p>\n<p>\n     Write to Liz Young at liz.young@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  February 19, 2025 12:06 ET (17:06 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones & Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PLD","symbol_name":"安博","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2512487548","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2512487548","pubTimestamp":1739984760,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"The founder and longtime chief executive of Prologis, Hamid Moghadam, plans to retire next year.The world's largest industrial property developer on Wednesday said Moghadam, 68 years old, will retire Jan. 1 and be succeeded by Dan Letter, the company's president. 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At the time, the company mostly owned neighborhood shopping centers and industrial properties. \n\n\n     AMB sold its retail portfolio in 1999 as that market was softening and placed big bets on providing warehousing for e-commerce retailers. It merged with its larger rival, Prologis, in 2011 to create a global warehousing giant. \n\n\n     The San Francisco-based company today operates 1.2 billion square feet around the world leased to tenants such as Amazon.com, FedEx and Home Depot. \n\n\n     Letter has been with the company since 2004. He was the global head of capital deployment before becoming president in January 2023. He will join the Prologis board as part of the leadership transition. \n\n\n     The company's revenue climbed to $2.2 billion for the quarter ended Dec. 31, up from $1.89 billion a year earlier. \n\n\n     Moghadam in 2023 earned a total of about $50.9 million in compensation, most of it in stock awards, according to a filing with the Securities and Exchange Commission. \n\n\n     Prologis shares were recently down 0.6% at $120.60. The company's shares are up about 14% this year. \n\n\n     Write to Liz Young at liz.young@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  February 19, 2025 12:06 ET (17:06 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"executive","news_rank":0,"symbols":[],"gpt_button":1}}}