Prologis, Inc. (NYSE: PLD) announced that Hamid R. Moghadam, Chief Executive Officer and Chairman of the Board, will retire as CEO effective January 1, 2026. He will continue serving as Executive Chairman of the Board.

Daniel S. Letter, currently President of Prologis, will succeed Moghadam as CEO on the same date. Letter, who has been with the company since 2004, has held leadership roles including Global Head of Capital Deployment and President of the Central Region.

In preparation for the transition, the Board increased its size from eleven to twelve directors and appointed Letter as a director, effective February 19, 2025. He will not receive additional compensation for his board service.

The company has filed a press release detailing the leadership transition.