Hamid Moghadam plans to retire as CEO of Prologis next year after leading the world’s largest industrial real estate and its predecessor company for more than four decades.
Dan Letter, the San Francisco-based real estate investment trust’s president, will succeed Moghadam when he steps down next Jan. 1, Prologis said in a statement.
Moghadam will stay on with Prologis as executive chairman, the company said.
The Iranian-American executive co-founded San Francisco-based real estate development company AMB Property Corp. in 1983 and took the company public in the mid-1990s. He led AMB's acquisition of Prologis, its larger rival, in 2011 to create an industrial powerhouse that assumed the Prologis name.
Today, Prologis has about 1.3 billion square feet of industrial real estate and development projects across 20 countries. The company's top tenants include some of the world’s biggest companies and warehouse users such as Amazon and Home Depot.
Prologis signed a record of more than 60 million square feet of leases in the fourth quarter, and the company’s $8.2 billion in revenue for the full year of 2024 exceeded the prior year's $8.03 billion.
Prologis has been planning for Moghadam’s retirement and Letter’s ascension to CEO for more than two years.
Letter, who joined AMB in 2004, became Prologis' president in January 2023 as part of the company’s succession planning process. He leads most of the company's global real estate operations, along with its capital deployment and strategic initiatives.
"This transition has been carefully planned to ensure Prologis’ continued success,” Moghadam said in a statement on Wednesday. "Having worked closely with Dan for more than 20 years, I have full confidence in his leadership."
"He has played a key role in Prologis’ tremendous growth and is uniquely qualified to guide the company forward.”
Moghadam has taken Prologis to "unbelievable heights" during his more than four decades of leadership, Letter, who will join the company's board of directors effective immediately, said in the statement.
Moghadam has led the REIT’s evolution beyond building and owning warehouses to stepped-up development of data centers, one of commercial real estate's hottest property sectors, as demand rises for next-generation artificial intelligence applications and cloud-based data storage.