Prologis CEO Hamid Moghadam to Retire

After posting strong fourth-quarter earnings, logistics giant Prologis (PLD) has announced that its CEO and co-founder Hamid Moghadam will retire from his role after more than four decades.

Dan Letter, the company’s current president, will replace Moghadam as CEO effective Jan. 1, 2026, while Moghadam will continue as executive chairman of the firm, Prologis said.

Letter, who has worked at Prologis since 2004, has been responsible for overseeing the “majority of Prologis’ business lines, including global real estate operations, capital deployment, strategic capital and Prologis Essentials,” Moghadam said in a statement.

In his new position as CEO, Letter will “lead the company into its next phase of growth” and join the company’s board of directors effective immediately, according to the announcement.

“Hamid started this company more than four decades ago and has taken it to unbelievable heights,” Letter said in a statement. “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.”

Moghadam co-founded AMB Property Corporation, Prologis’ predecessor, with Douglas Abbey and T. Robert Burke in 1983 and led the company to become the dominant industrial player in the country, according to the announcement. San Francisco-based Prologis is the largest owner of industrial space in the U.S. and has 1.3 billion square feet of logistics space in 20 countries.

“This transition has been carefully planned to ensure Prologis’ continued success,” Moghadam said in a statement. “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.”

News of the leadership change comes after Prologis reported strong earnings during the fourth quarter of 2024, posting quarterly revenue of $2.2 billion and full-year revenues of $8.2 billion in 2024, as Commercial Observer previously reported.

Prologis also reported an average occupancy rate of 95.8 percent in its properties for the fourth quarter, and 96.3 percent for the full year, CO reported.

One of Prologis’ largest recent investments was its $122 million purchase of 440 Kingsland Avenue in Greenpoint, Brooklyn, from ExxonMobil, a deal that closed just before the new year, Crain’s New York Business reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.