Prologis Names New CFO With An Eye To Grow Non-Real Estate Revenue
Global industrial giant Prologis has announced treasurer Tim Arndt will take over as the firm's chief financial officer starting April 1.
An 18-year veteran of the firm, Arndt will replace Tom Olinger, who plans to retire after nearly a decade in the role, overseeing expansion during radical growth within the warehouse industry. During Olinger’s tenure, Prologis grew its portfolio from less than 150M SF to 1B SF and became one of the top 100 companies in the S&P 500.
Arndt's main goals for the new role include training the existing finance staff so they have the right skills for the company’s expansion into non-real estate services, The Wall Street Journal reports. The services line is expected to bring in $75M this year, twice as much as in 2021. Other priorities include improving staff diversity and investing in data and analytics.
Arndt, who takes over as part of the firm’s extended succession planning, is responsible for the company's worldwide corporate finance, including treasury, cash management and financial planning and reporting. Prologis leases out space to roughly 5,800 companies across 19 countries, and it is Amazon's largest landlord.
Olinger will remain with the firm through the end of the year, then focus full time on philanthropic causes, the firm said in a release.