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Prologis says co-CEO Walter Rakowich will retire

SAN FRANCISCO (AP) -- Industrial real estate company Prologis Inc. said Thursday that the company's co-CEO Walter Rakowich will retire on Dec. 31. He will also retire from his position on the company's board of directors.

Rakowich served as CEO of Prologis from November 2008 until its merger with AMB in 2011, at which time he assumed the role of co-CEO. He joined Prologis in 1994 and worked in various leadership positions during his time at the company.

Prologis said that Hamid R. Moghadam will assume the role of CEO and chairman on January 1, which the company had previously announced at the time of its merger.

Shares of San Francisco-based Prologis increased 21 cents to close at $36.28.