Prologis has named longtime executive Dan Letter as its new president, while Chief Investment Officer Gene Reilly will become vice chairman.

The changes take effect Jan. 1, 2023.

Letter has been with Prologis since 2004, most recently as the company's global head of deployment. Reilly has been with the company since 2003 and will remain on the company’s executive committee and continue to serve as senior adviser to Prologis CEO and co-founder Hamid Moghadam.

"Dan is a proven leader who has been instrumental to our growth," Moghadam said in a press release. "He's played important roles in regional leadership and global capital deployment for many years and will help guide both our operations and investing strategies."

"Gene has played a critical leadership role in almost every aspect of the company's growth and evolution over the past two decades. During this time, we have built the world's leading real estate company and grown our equity market capitalization by 32x," Moghadam said in the release.

Prologis made waves earlier this year with its planned $25.6B acquisition of Duke Realty, which is expected to be complete in the fourth quarter.

Prologis noted in August that the massive backlog of excessive warehouse inventory could lead to an estimated 800M SF more warehouse space than previously estimated, as logistics users expand their inventories.