Moghadam to Step Down as Prologis CEO

Hamid Moghadam, who has led Prologis through its extraordinary growth as an industrial real estate investor and developer, will retire as the company’s CEO at the end of this year, the REIT said on Wednesday. He will then assume the role of executive chairman.

Moghadam will be succeeded by Dan Letter, the Prologis’ president and a 21-year company veteran.

Moghadam’s departure as CEO follows a four-decade run at Prologis and its predecessor, AMB Property Corp., which he co-founded 42 years ago in San Francisco. His career has been characterized by a series of landmark moves, starting with the company’s initial IPO in 1997.

Enterprise-level deals have been a hallmark of his leadership. The biggest by dollar value was Prologis’ $23 billion acquisition of Duke Realty. Completed in 2022, that acquisition added a 142 million-square-foot investment, development and management portfolio to Prologis’ footprint and included assets in 19 markets.

That followed the deal struck in 2019 for Liberty Property Trust. Highlights included the acquisition of a 107 million-square-foot operating portfolio and an expanded footprint in such markets as Chicago, Houston, Southern California, New Jersey and central Pennsylvania.

Yet another such acquisition unfolded in 2018, when Prologis bought DCT Industrial Trust for $8.4 billion, adding 71 million square feet to its operating portfolio. Such moves made Moghadam a frequent winner of CPE’s Industrial Property Executive of the Year award.

Letter, Prologis’ next CEO, started at AMB as a development manager in 2004. Since then, he has served in a variety of roles before becoming company president, including president of the U.S, central region and global head of capital deployment.