"Together, our senior management team has developed a solid plan to reposition the company, and I look forward to working with our team to address the challenges ahead," Rakowich says, in a statement. "We believe the current share price substantially understates the company's worth but realize we need to prove that with actions rather than words. Both the board and our entire management team are committed to significantly enhancing the intrinsic value for all our stakeholders."

Schwartz began his tenure with Prologis after the REIT purchased the Krauss/Schwartz Co., of which Schwartz was founder and partner. Schwartz worked his way from vice chairman to president of international operations and eventually to his now former positions as CEO and chairman.

"Building ProLogis into the leading global provider of logistics facilities has been truly rewarding," says Schwartz in a statement. "Today's market calls for a focus on de-leveraging, cost management and greater operational efficiencies, and I have confidence in management's ability to execute that plan under Walt's leadership."