What Happened: The Greenwich, Connecticut-based XPO first announced its plans for a corporate spinoff last December. In a press statement, XPO defined the new GXO as the “largest pure-play contract logistics provider in the world.”
XPO will continue to focus on providing transportation services, primarily less-than-truckload transportation and truck brokerage services.
GXO became a separate entity through distribution to XPO stockholders of one share of GXO common stock for every one share of XPO common stock held at the close of business on July 23, the record date for the distribution. GXO shares were distributed at 12:01 a.m. EDT on Aug. 2.
“With the timely completion of our spin-off, XPO and GXO are moving forward with powerful momentum as independent public companies,” said Brad Jacobs, chairman and CEO of XPO Logistics, who will also serve as chairman of GXO. Malcolm Wilson, former CEO of XPO Logistics Europe, is the chief executive at GXO.
What Else Happened: XPO also announced the addition of four new members of its board of directors to replace directors who resigned to serve on the GXO board.
The new directors are Jason Aiken, chief financial officer of General Dynamics Corporation (NYSE: GD); Mary Kissel, executive vice president and senior policy advisor with Stephens Inc. and a former senior advisor to U.S. Secretary of State Mike Pompeo; Allison Landry, former senior transportation research analyst with Credit Suisse Group AG (NYSE: CS); and Johnny C. Taylor Jr., CEO of the Society of Human Resources Management.
“This is our most diverse board composition yet, with an emphasis on the financial, cultural and market opportunities of our business,” said Jacobs.
Photo: XPO Logistics.
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