Summary
This 8-K/A filing from Prologis, Inc. (PLD) details a significant leadership change within its finance department. Effective April 1, 2022, Timothy D. Arndt has been appointed as the new Chief Financial Officer (CFO), succeeding Thomas S. Olinger. Mr. Arndt brings extensive experience to the role, having served as Treasurer since 2013 and holding various positions within Prologis and its predecessor, AMB Property Corporation, since 2004. His background includes global capital raising, planning, and M&A activities. The filing also outlines Mr. Arndt's new compensation package, which includes a base salary of $525,000, a target annual bonus of 110% of base salary, and a target long-term incentive (LTI) equity award of $1,350,000. His compensation is performance-based and subject to the achievement of objectives similar to those of the CEO and other Named Executive Officers (NEOs). Mr. Olinger will transition to an advisory role before his retirement, with his equity awards continuing to vest under specific retirement eligibility agreements, allowing him to focus on philanthropic causes.
Key Highlights
- 1Timothy D. Arndt appointed as the new Chief Financial Officer (CFO) effective April 1, 2022.
- 2Thomas S. Olinger stepped down as CFO and will remain with the company in an advisory capacity before retirement.
- 3Mr. Arndt has a long tenure with Prologis, previously serving as Treasurer and involved in capital raising and M&A.
- 4Mr. Arndt's new annual base salary is $525,000.
- 5Target annual bonus for Mr. Arndt is 110% of base salary.
- 6Target annual LTI equity award for Mr. Arndt is $1,350,000, both subject to performance metrics.
- 7Mr. Olinger's equity awards will continue vesting under a retirement eligibility agreement to support his philanthropic endeavors.