ProLogis Promotes Schwartz to CEO, Rakowich to COO

The board also appointed Walter C. Rakowich as president and chief operating officer effective Jan. 1. This is a new position that focuses on the company's growing global operations. Rakowich is currently chief financial officer. Schwartz and Rakowich also have been appointed to the ProLogis board.

"Both Jeff and Walt are ideal individuals to lead ProLogis for many years to come," says ProLogis chairman and chief executive officer K. Dane Brooksher. "After starting our North American CDFS business, Jeff took the lead in expanding ProLogis internationally, including developing our fund strategy and global capital relationships. Walt is exceptionally well-qualified for the new position of president and COO, bringing significant domestic and international experience as CFO and having been one of the original Regional Directors responsible for building our North American operations."

"I'm looking forward to building upon the success of ProLogis around the globe," Schwartz says. "Our company has achieved its market leadership position because of the exceptional efforts of so many ProLogis associates. I am confident that we have the talent and drive to continue our record of delivering value for our customers, fund partners and shareholders."

In addition, John W. Seiple, Jr. was promoted to president and chief executive officer of North America. Seiple is president and chief investment officer of North America. As previously announced, Brooksher will relinquish his role as CEO at the end of this year and will remain chairman. Additionally, Irving F. Lyons, III will relinquish his role as vice chairman and chief investment officer at the end of this year but will remain a member of the ProLogis Board and serve as chairman of the board's investment committee.