PROLOGIS ANNOUNCES A NEW CFO
SAN FRANCISCO, February 15, 2022 /PRNewswire/ — Prologis (NYSE: PLD) announced today Tim Arndt will be the new chief financial officer of the company as of April 1, 2022. Arndt, who has worked at Prologis since 2004, will succeed the long-serving CFO Tom Olinger, who plans to retire. A respected leader in the logistics real estate industry, Olinger has had a significant impact on Prologis and the industry in general. During his tenure, the company dramatically expanded its scale and reach, ranking among the top 100 companies in the S&P 500 and growing its total area from less than 150 million to one billion.
“Tom’s leadership has contributed significantly to the success of the company during his years of service. This includes integrating numerous transactions, as well as building a state-of-the-art financial infrastructure and team that positions us for continued success,” said Prologis CEO and Co-Founder Hamid R. Moghadam. “Tom has been a great partner and a key leader for our business for 15 years. I appreciated and trusted his level-headed and thoughtful approach. We will miss him dearly and wish him the best in his retirement.”
He continued, “Looking ahead, I believe Tim’s expertise and extensive business experience make him the ideal next CFO as we continue to focus on creating long-term value for our shareholders. He knows the industry and our business very well and has played an important role in building our financial strategy for many years.”
This change is the culmination of extensive preparation and is part of Prologis’ ongoing management succession planning process. Olinger will remain with the company until the end of the year as part of the transition plan. When he retires, he plans to devote himself full-time to philanthropic causes.
“Being CFO of Prologis has been the highlight of my career,” Olinger said. “I’m so proud to see how this business has grown and excited to know that Prologis’ best years are still ahead of us. We have a wide range of financial talent, and I’m confident that under Tim’s leadership, the ‘finance team will do more to drive the company’s growth.’
As the new Chief Financial Officer, Arndt will be responsible for the company’s global corporate finance. His areas of responsibility will include treasury, cash management, financial planning and reporting, accounting, tax, investor relations and internal audit.
“I am very happy and honored to take on this role for Prologis, a company I have believed in and served for 18 years,” said Arndt. “The company has incredible growth opportunities, both organic and inorganic, which I look forward to pursuing with this highly capable team.”
Arndt is a seasoned financial leader at Prologis, having joined AMB in 2004 in portfolio management for the firm’s Strategic Capital business. During his tenure, he held several positions, including as corporate treasurer, head of corporate planning, and on the company’s global deployment team. Previously, Arndt worked in real estate strategy at Gap Inc. and in debt capital markets at Forest City Enterprises.
Prologis, Inc. is the global leader in logistics real estate and focuses on high-barrier, high-growth markets. From December 31, 2021, the company owned or had investments in, wholly owned or through co-investment ventures, properties and development projects expected to total approximately 1.0 billion square feet (93 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,800 customers, primarily split into two broad categories: B2B and Retail/Online.
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SOURCE Prologis, Inc.