Prologis CEO Moghadam to Retire, Dan Letter to Step Up

Prologis (PLD) CEO Hamid Moghadam will retire on January 1, 2026, after 40+ years at the company’s helm. Dan Letter, currently president, will succeed him as CEO, as reported by Bisnow.

Changing of The Guard

Prologis announced that CEO Hamid Moghadam will retire at the start of next year, ending a 40-year tenure at the company he co-founded in 1983. Moghadam will transition to executive chairman and continue to guide Prologis’ strategic direction.

Dan Letter, Prologis’ current president and a 20-year company veteran, will succeed Moghadam as CEO.

As part of the transition plan, Letter joined the company’s board of directors this week. Previously, he led Prologis’ capital deployment, overseeing investments, development, and portfolio management.

Lasting Legacy

Moghadam’s leadership saw Prologis grow into the world’s largest industrial REIT, particularly benefiting from pandemic-driven demand for distribution space.

Under his effective leadership, the company’s net earnings more than doubled in Q4 2024 compared to the previous year.

Future Plans

Prologis recently expanded into the data center sector, launching a dedicated arm led by Compass Datacenters co-founder Chris Curtis. The company plans to invest $7B to $8B in data center development by 2029.

Market Reaction

While Prologis views President Donald Trump’s reelection as favorable for business, investment bank BMO downgraded the REIT to “underperform,” citing potential tariff risks.

Dan Letter praised Moghadam’s legacy, stating, “Hamid started this company more than four decades ago and has taken it to unbelievable heights. Our future is very bright.”