Global logistics real estate company Prologis has announced that its co-founder and CEO, Hamid R. Moghadam, will step down from his role effective January 1, 2026.
After over four decades of transformative leadership, Moghadam will transition to the role of executive chairman, continuing to provide strategic oversight as Prologis pursues its long-term vision.
Moghadam, who co-founded AMB Property Corporation—Prologis’ predecessor—in 1983, has been instrumental in shaping the company into a global powerhouse. Under his stewardship, Prologis went public in 1997 and merged with ProLogis in 2011, solidifying its status as the world’s leading logistics real estate firm.
As part of a well-planned succession strategy, Dan Letter, currently serving as Prologis’ president, will assume the role of CEO. Letter, a seasoned leader with over two decades at the company, will also join the Board of Directors effective immediately. Having played a pivotal role in global real estate operations, capital deployment, and strategic capital initiatives, Letter is positioned to guide Prologis into its next growth phase.
Reflecting on the transition, Moghadam stated: “This transition has been carefully planned to ensure Prologis’ continued success. 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.”
Moghadam highlighted Letter’s extensive responsibilities, including overseeing Prologis’ global business lines and contributing significantly to the company’s sustained expansion. He described Letter as “uniquely qualified to guide the company forward.”
Letter acknowledged Moghadam’s unparalleled contributions, stating: “Hamid started this company more than four decades ago and has taken it to unbelievable heights. 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 working with Hamid and the rest of the management team to grow and strengthen the company.”
Irving F. “Bud” Lyons, lead independent director of Prologis’ Board of Directors, praised Moghadam’s impact on the company and the broader industry: “Hamid’s 40-plus-year tenure—starting as an entrepreneurial co-founder and evolving into the CEO of a major public company—is a rare achievement in today’s corporate world. We are confident that Dan is the right leader to guide Prologis in its next chapter, and this transition underscores the strength and continuity of our leadership team.”
Letter brings deep industry expertise and a leadership style focused on collaboration and innovation. Prior to becoming president, he was global head of capital deployment, overseeing the company’s Investment Committee and portfolio acquisitions and dispositions. He originally joined AMB Property Corporation in 2004 as a development manager in Chicago, progressively taking on leadership roles in the U.S. West and Central regions before assuming global responsibilities.
A graduate of Marquette University with a degree in Civil Engineering, Letter is an active member of Nareit’s Advisory Board of Governors and the Real Estate Roundtable.
