Welcome to our dedicated page for XPO news (Ticker: XPO), a resource for investors and traders seeking the latest updates and insights on XPO stock.
XPO, Inc. (NYSE: XPO) is a leading provider of asset-based less-than-truckload (LTL) freight transportation in North America. Headquartered in Greenwich, Connecticut, XPO efficiently moves goods across its network using proprietary technology. The company serves approximately 52,000 customers with a vast network of 610 locations and 39,000 employees across North America and Europe.
XPO is rapidly evolving, particularly following the spinoff of its contract logistics division, GXO, in 2021, and its freight brokerage operations, RXO, in 2022. Today, XPO is focused on becoming a pure-play asset-based LTL carrier, with LTL shipping making up around 60% of total revenue. The company also has significant involvement in European trucking, which they plan to divest when the right opportunity arises.
Recent achievements include strong financial performance in a challenging market, highlighted by a 6% year-over-year revenue growth and a 37% increase in adjusted EBITDA for Q1 2024. XPO's LTL segment outperformed with a 50% increase in adjusted operating income and a 390-basis-point improvement in adjusted operating ratio. Notably, the company continues to achieve record-low damage claims ratios, reflecting their commitment to quality service.
XPO has been proactive in expanding its footprint, opening multiple new freight transportation centers, such as in Las Vegas and Sherman, Texas. These expansions are geared towards enhancing service quality, increasing capacity, and providing specialized services such as trade show shipping.
In addition to its operational success, XPO is dedicated to corporate responsibility. The company recently extended its partnership with Truckers Against Trafficking, training nearly 5,000 drivers to combat human trafficking. This initiative underscores XPO's commitment to safety and community welfare.
With a strong foundation, innovative technology, and a customer-focused approach, XPO continues to solidify its position as a leader in the LTL transportation sector.
XPO Logistics announced that Heidi Ratti will be the chief human resources officer of RXO, which is the planned spin-off of its tech-enabled brokered transportation platform. Ratti, currently senior VP of HR for XPO’s North American less-than-truckload business, brings over 16 years of HR experience in transportation. The spin-off, expected in Q4 2022, aims to create RXO as a major player in full truckload freight, leveraging a proprietary digital freight marketplace. The spin-off's success hinges on several conditions, including board approval and regulatory requirements.
XPO Logistics (NYSE: XPO) has filed a Form 10 registration statement with the U.S. SEC for the spin-off of RXO, its tech-enabled brokered transportation platform, slated for Q4 2022. RXO is expected to become the fourth largest truckload broker in the U.S., while XPO will focus on less-than-truckload services in North America and divest its European operations. Financial advisors BofA Securities, Goldman Sachs, and Morgan Stanley are assisting in the spin-off process. The transaction is subject to several conditions including SEC approval and debt financing for RXO.
XPO Logistics, Inc. (NYSE: XPO) has announced the inaugural board of directors for its upcoming spin-off, RXO, a tech-enabled brokered transportation platform. Effective upon the transaction's closing, expected in Q4 2022, RXO's board will include seven independent directors. Brad Jacobs remains non-executive chairman, while Drew Wilkerson will lead as CEO. The spin-off aims to create two independent publicly traded companies, with RXO positioned as the fourth-largest freight broker in the U.S. The spin-off is subject to various regulatory conditions.
XPO Logistics, Inc. (NYSE: XPO) has been named to the 2023 FreightTech 100 by FreightWaves, recognizing the most innovative companies in the transportation sector. The upcoming spin-off RXO also made the list, highlighting its potential as a standalone brokered transportation leader. Mario Harik, XPO’s CIO and incoming CEO, noted the company has invested over $3 billion in technology over the past 11 years to enhance supply chain efficiency. The FreightTech 100 received over 1,500 nominations, with a shortlist for the FreightTech 25 expected in November.
XPO Logistics, Inc. has appointed Jared Weisfeld as chief strategy officer for its upcoming spin-off, RXO, which will focus on brokered transportation. Weisfeld, previously with Jefferies Financial Group, will drive RXO's strategy and growth opportunities, reporting to Drew Wilkerson, the CEO of RXO. The spin-off is expected to be completed in Q4 2022, transitioning XPO into two publicly traded companies, enhancing opportunities in North America's transportation sector.
XPO Logistics, Inc. (NYSE: XPO) has announced the appointment of Jay Silberkleit as chief information officer, effective upon the spin-off of its brokered transportation platform. Silberkleit will succeed Mario Harik, who is set to become CEO after the spin-off. As a long-time XPO leader, Silberkleit has played a key role in shaping the company’s technology and LTL optimization. The spin-off, expected to finalize in Q4 2022, aims to create two distinct companies targeting growth in North America.
XPO Logistics (NYSE: XPO) has appointed Jamie Harris as the CFO of RXO, the upcoming spin-off of XPO’s brokered transportation platform, starting September 26, 2022. Harris has 35 years of experience, including roles at SPX Technologies and Coca-Cola Consolidated. Concurrently, David Murray has been named Vice President of Financial Shared Services and Treasurer for RXO. The spin-off, aimed to enhance growth prospects, is expected to finalize in Q4 2022. Both appointments are part of XPO's strategy to strengthen its leadership ahead of the separation.
XPO Logistics (NYSE: XPO) has announced Jeff Firestone as the new chief legal officer for RXO, the upcoming spin-off of its brokered transportation platform. Firestone, who has over 26 years of experience, previously worked at United Parcel Service, where he held numerous senior legal roles. He will officially join XPO as chief legal officer of the North American transportation division and lead RXO's legal team post-spin-off, expected in Q4 2022. This appointment is seen as a strategic move to enhance RXO's leadership ahead of its separation.
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