Summary
Prologis, Inc. (PLD) filed an 8-K on September 22, 2009, to announce significant executive changes. The most impactful information for investors is the retirement of John T. Roberts, Jr., who will step down as President, Private Capital on March 1, 2010. His departure includes a separation agreement with specific terms regarding salary continuation, bonus payout, and vesting of restricted stock and options. Investors should note the non-compete and non-solicitation clauses attached to this agreement, designed to protect Prologis' interests post-employment. In conjunction with Mr. Roberts' retirement, Guy F. Jaquier will assume the responsibilities of President, Private Capital, in addition to his current role as President, Europe & Asia, effective January 1, 2010. Mr. Jaquier's extensive experience in real estate finance and investment, including his tenure at CalPERS and Lend Lease, positions him to manage this expanded role. This leadership transition is a key event for the company and its operational continuity in its private capital division.
Key Highlights
- 1John T. Roberts, Jr. to retire as President, Private Capital on March 1, 2010.
- 2Mr. Roberts will remain an employee until retirement, receiving full salary and benefits.
- 3Separation agreement includes payment of 2009 bonus and 2010 long-term incentive award in cash.
- 4Mr. Roberts will be entitled to vesting of 36,087 restricted shares and 52,410 stock options.
- 5Non-competition (through March 1, 2011) and non-solicitation (through March 1, 2012) clauses are part of the separation agreement.
- 6Guy F. Jaquier will assume responsibilities of President, Private Capital from January 1, 2010, in addition to his current role.
- 7Mr. Jaquier has significant experience in real estate finance and investment, including previous roles at CalPERS and Lend Lease.