SAN FRANCISCO, Jan. 15, 2020 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced the appointment of Avid Modjtabai to the company's board of directors as a new independent director, effective February 20, 2020. In addition, independent director Philip L. Hawkins is stepping down, effective today.
Modjtabai, a 27-year Wells Fargo veteran who will be retiring at the end of the first quarter, is senior executive vice president and head of the Payments, Virtual Solutions and Innovation (PVSI) Group at Wells Fargo. The PVSI group brings together the company's robust payments platforms, digital capabilities, online channels and innovation teams. PVSI also invests in research and development as well as strategic partnerships to design new products and customer experiences.
Previously, Modjtabai served in various leadership roles at Wells Fargo, including group head for Wells Fargo Consumer Lending and Chief Information Officer, head of Technology and Operations Group, and director of Human Resources. She earned a Bachelor's degree in industrial engineering from Stanford University and an MBA in finance from Columbia University and early in her career was with McKinsey & Company. Modjtabai has been named one of the "Most Powerful Women in Banking" by American Banker.
"We are thrilled to appoint Avid to the board of directors. Her extensive finance and technology expertise, coupled with her focus on customer experience, will be an enormous asset to our board," said Prologis chairman and CEO Hamid R. Moghadam.
Separately, independent director Philip L. Hawkins has taken a position as executive chairman of Link Industrial Properties, Blackstone's U.S. industrial real estate portfolio company. As a result of his new position, Hawkins has decided to step down from the board.
"Serving on the Prologis board has been a fabulous experience. I held the company in high regard even before the DCT merger, but my front row seat further reinforced and heightened my admiration for the organization. The Prologis team has effectively reimagined the business of industrial real estate, leveraging its scale and technology to create truly unique opportunities for its customers," said Hawkins. "I will miss the personal and professional relationships that I have enjoyed during my term on the PLD board. At the same time, I am excited to return to the day-to-day world of industrial real estate."
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of September 30, 2019, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 797 million square feet (74 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,100 customers principally across two major categories: business-to-business and retail/online fulfillment.
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