Jeffrey Schwartz has resigned as chairman and chief executive of Denver-based ProLogis, the world’s largest owner manager and developer of distribution facilities.
Walt Rakowich, former president and chief operating officer, has been named chief executive. Board member Stephen Feinberg, chairman and chief executive of Dorsar Investment Co., has been named chairman.
Schwartz, named chief executive in 2005, has a long history with ProLogis, serving as president of international operations, chairman of the international investment committee and chief operating officer in Asia. He also served as vice chairman with responsibility for all international operations.
Prologis shares have fallen 78 percent in the last month through yesterday. The company is struggling to strengthen its balance sheet, saying it would slash expenses as much as 25 percent through job cuts and spending reductions.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
