The Industrial Real Estate Podcast
How Prologis Became the Largest Industrial Property Owner in the World
Jan 19, 2022
Walt Rakowich, former CEO of Prologis, discusses his pivotal role in reshaping the company from the brink of bankruptcy to the world's largest industrial property owner. He shares insights on Prologis's strategic focus on industrial real estate, especially in e-commerce. Walt reveals the tough decisions made during financial turmoil, including significant property sales, while emphasizing the importance of company culture and transparency. His journey into the industry and lessons on resilience and leadership provide an inspiring look into transformative business practices.
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Quick takeaways
- Walt Rakowich's leadership at Prologis during the 2008 financial crisis focused on liquidity and debt reduction, enabling the company's stabilization and recovery.
- Prologis strategically pivoted to focus solely on industrial real estate in 1999, which positioned the company for significant growth amid rising logistics demands.
Deep dives
Transformational Leadership at Prologis
Walt's leadership transformation at Prologis is highlighted by his arrival during a financial crisis in 2008, when the company's stock had plummeted dramatically. Faced with the threat of bankruptcy, he prioritized creating liquidity and reducing debt, such as by selling off properties. This strategic redirection allowed Prologis to stabilize and ultimately recover financially. His leadership approach emphasized transparency, trust, and open communication, which were crucial in rebuilding employee morale and aligning stakeholders.
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