ProLogis chief operating officer Diane Paddison has resigned and Charles Sullivan, formerly managing director of ProLogis with responsibility for North America, has been appointed head of global operations.
Paddison – who only joined the company in June 2008 as ‘president-in-waiting’ to replace Rakowich, who was due to retire this year – will step down on 6 February.
The management changes follow the departure of Jeff Schwartz, former chairman and chief executive, who resigned from ProLogis in November.
Chief executive officer Walter Rakowich said: ‘Diane contributed to ProLogis' global operations during a challenging time in the company's history. She led efforts to reduce G&A [general and administrative expense] by more than 20 percent and with her focus on organizational process helped to bring together global teams in the areas of operations, technology, sustainability, marketing and customer account management.
'We appreciate her efforts to implement operational tools to support our infrastructure and wish her continued success.’
Paddison said: ‘I believe the company has taken the right steps to address the current difficult business climate and am confident that it will continue to make progress on its repositioning plan while maintaining its industry leadership and excellent customer relationships.’
Rakowich said the team remained strong and focused.
He said: ‘He [Charles Sullivan] is exceptionally qualified to oversee ProLogis' global operations as we continue to pursue our action plan and implement cost savings while maintaining solid occupancies and customer retention.’