QXO Hires Ashwin Rao as Chief Artificial Intelligence Officer

Rhea-AI Summary

QXO has appointed Ashwin Rao as Chief Artificial Intelligence Officer to lead the company's AI initiatives in the $800 billion building products distribution industry. Rao, previously head of AI at Target (2016-2022), brings over 30 years of experience in technological innovation. At Target, he led development of mathematical models for various business functions. His background includes roles at Goldman Sachs and Morgan Stanley, along with a doctorate in theoretical computer science. He will focus on implementing AI across QXO's operations, including demand forecasting, inventory management, and e-commerce.

Positive

• Strategic entry into AI implementation for operational efficiency
• Appointment of experienced AI leader with 30+ years of expertise
• Targeting transformation in $800 billion industry
• Focus on tech-driven optimization of core business functions

Negative

• None.

GREENWICH, Conn., Nov. 07, 2024 (GLOBE NEWSWIRE) -- QXO, Inc. (Nasdaq: QXO) today announced that Ashwin Rao has been appointed chief artificial intelligence officer, effective immediately. He will serve as the company’s principal AI architect, as QXO becomes a leader in the $800 billion building products distribution industry.

Brad Jacobs, chairman and chief executive officer of QXO, said, “Artificial intelligence will permeate everything we do at QXO, including demand forecasting, inventory management and e-commerce. Ashwin is recognized as one of the brightest minds in enterprise AI. He will be instrumental in making QXO the most tech-forward company in the industry.”

Rao’s career as an innovation leader spans more than 30 years, combining technological expertise and strong commercial instincts. From 2016 through 2022, he served as the first-ever head of AI for Target Corporation, where he led a team that developed mathematical models for pricing, merchandising, customer experience, supply chain logistics and other critical functions.

“The opportunities to use AI to transform the building products distribution industry are endless,” Rao said. “I’m excited to get started on dozens of AI workstreams that, combined with advantages of scale, will help QXO increase efficiency, optimize supply chains and add value for our customers."

Rao began his career on Wall Street, as a derivatives trading quant strategist with Goldman Sachs and later as managing director of market modeling for Morgan Stanley. He earned a doctorate in theoretical computer science from the University of Southern California and a bachelor’s degree in computer science from the Indian Institute of Technology Bombay. He serves as an adjunct professor of applied mathematics at Stanford University.

About QXO
QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.

Forward-Looking Statements
This press release contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets and goals, including with respect to the use of artificial intelligence, are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. Forward-looking statements can be identified by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and there are a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements, including, among others, risk factors that are described in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC, including the section entitled “Risk Factors” contained therein.  The Company cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. The Company undertakes no obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

Media Contact:
Joe Checkler
joe.checkler@qxo.com
203-609-9650

FAQ

When did QXO appoint Ashwin Rao as Chief AI Officer?

QXO appointed Ashwin Rao as Chief AI Officer effective November 7, 2024.

What is the market size of the building products distribution industry where QXO operates?

The building products distribution industry where QXO operates is valued at $800 billion.

What was Ashwin Rao's previous role before joining QXO?

Ashwin Rao served as the first-ever head of AI for Target from 2016 through 2022.

What areas will AI implementation focus on at QXO?

AI implementation at QXO will focus on demand forecasting, inventory management, and e-commerce operations.