"Together, our senior management team has developed a solid planto reposition the company, and I look forward to working with ourteam to address the challenges ahead," Rakowich says, in astatement. "We believe the current share price substantiallyunderstates the company's worth but realize we need to prove thatwith actions rather than words. Both the board and our entiremanagement team are committed to significantly enhancing theintrinsic value for all our stakeholders."

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Schwartz began his tenure with Prologis after the REIT purchasedthe Krauss/Schwartz Co., of which Schwartz was founder and partner.Schwartz worked his way from vice chairman to president ofinternational operations and eventually to his now former positionsas CEO and chairman.

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"Building ProLogis into the leading global provider of logisticsfacilities has been truly rewarding," says Schwartz in a statement."Today's market calls for a focus on de-leveraging, cost managementand greater operational efficiencies, and I have confidence inmanagement's ability to execute that plan under Walt'sleadership."

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The company, according to its release, plans to "reduce G&Aspending by 20% to 25% through a combination of a reduction inworkforce and cutting of business spending. William Sullivan, chieffinancial officer, explains in a statement, "Difficult timesrequire difficult choices, and we are currently implementing ourexpense reduction plan." Prologis did not respond to GlobeSt.cominquiries by deadline.

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