Stripnomics

Here is the press release I awoke to:

UPDATE 1-ProLogis cuts dividend, jobs; CEO resigns

—————————————————————————Wed Nov 12 09:22:36 2008 EST
NEW YORK, Nov 12 (Reuters) - ProLogis, the largest U.S. owner and developerof warehouse and distribution centers, on Wednesday announced management changes and cost reductions including cuts to both the dividend and jobs, sending sharesdown in early trading.  Walter Rakowich, former president and chief operating officer, has beennamed chief executive officer to replace Jeffrey Schwartz, who resigned.

For 2009, the board has set a new annual dividend of $1 per share, down56 percent from the $2.28 per share previously announced, ProLogis said in astatement. The company will reduce general and administrative spending by 20 to 25 percent in the near term through a combination of job and business spendingcuts. Rakowich will join the board while Stephen Feinberg, the board’s leadtrustee, will assume the role of board chairman.

ProLogis’ shares were down 12.4 percent at $6.02 in premarket trading.

(Reporting by Helen Chernikoff, editing by Dave Zimmerman) Keywords:PROLOGIS/(helen.chernikoff@thomsonreuters.com; +1 646 223 6127; Reuters Messaging:
helen.chernikoff.reuters.com@reuters.net)

My best investment this year: 1 share of PLD common stock.

MY EMAIL ADDRESS IS: richard@woonlaw.com

This entry was posted on Wednesday, November 12th, 2008 at 8:11 am and is filed under Accounting, Economics, Law, Leadership, ProLogis (PLD), Real Estate, Trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.