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

"Both Jeff and Walt are ideal individuals to lead ProLogis formany years to come," says ProLogis chairman and chief executiveofficer K. Dane Brooksher. "After starting our North American CDFSbusiness, Jeff took the lead in expanding ProLogis internationally,including developing our fund strategy and global capitalrelationships. Walt is exceptionally well-qualified for the newposition of president and COO, bringing significant domestic andinternational experience as CFO and having been one of the originalRegional Directors responsible for building our North Americanoperations."

"I'm looking forward to building upon the success of ProLogisaround the globe," Schwartz says. "Our company has achieved itsmarket leadership position because of the exceptional efforts of somany ProLogis associates. I am confident that we have the talentand drive to continue our record of delivering value for ourcustomers, fund partners and shareholders."