XPO Logistics Announces Jared Weisfeld as Chief Strategy Officer for RXO Spin-Off
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.
- Appointment of Jared Weisfeld, a seasoned strategist, as chief strategy officer for RXO.
- RXO positioned as a tech-enabled transportation platform with strong growth prospects.
- Expected completion of spin-off in Q4 2022, creating two separate entities for better market focus.
- Spin-off subject to various conditions including board approvals and refinancing of debt.
GREENWICH, Conn. , Sept. 14, 2022 (GLOBE NEWSWIRE) -- XPO Logistics, Inc. (NYSE: XPO), a leading provider of freight transportation services, today announced that Jared Weisfeld will become chief strategy officer of RXO, the planned spin-off of XPO’s brokered transportation platform. Weisfeld has been appointed chief strategy officer for XPO’s North American transportation division, effective immediately. He will be responsible for RXO’s strategy and analysis of growth opportunities when the spin-off is complete, and will oversee RXO’s engagement with the investment community. He reports to Drew Wilkerson, who, as previously announced, will be chief executive officer of RXO, and currently serves as president, transportation – North America.
Weisfeld was most recently with Jefferies Financial Group, where he was ranked among the top three specialists in the technology, media and telecom sector on Institutional Investor’s All-America Survey for 2020 and 2021. Previously, he was a partner and technology sector head with Margate Capital Management; and served as an associate portfolio manager with Balyasny Asset Management, where he was twice recognized as analyst of the year. He began his career as a technology sector analyst with the investment banking division of Credit Suisse. Weisfeld holds a degree in applied economics and management from Cornell University.
Wilkerson said, “Jared is immersed in market dynamics for the technology sector, where our spin-off will be squarely positioned as an asset-light, tech-enabled transportation platform. His insights will help us execute on RXO’s strongest opportunities in truck brokerage, where we have first-mover advantage as an innovator in digitization."
As previously announced, XPO intends to spin off its asset-light brokered transportation platform from its asset-based less-than-truckload business, creating two separate, publicly traded companies with vast growth prospects in North America. XPO expects to complete the spin-off in the fourth quarter of 2022. Visit www.rxo.com for more information.
About XPO Logistics
XPO Logistics, Inc. (NYSE: XPO) is a leading provider of freight transportation services, primarily less-than-truckload (LTL) and truck brokerage. XPO uses its proprietary technology, including the cutting-edge XPO Connect® automated freight marketplace, to move goods efficiently through supply chains. The company’s global network serves 50,000 shippers with approximately 749 locations and 43,000 employees, and is headquartered in Greenwich, Conn., USA. Visit xpo.com and europe.xpo.com for more information, and connect with XPO on Facebook, Twitter, LinkedIn, Instagram and YouTube.
Forward-looking Statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the planned spin-off, the expected timing of the transaction and the anticipated benefits of the transaction. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.
These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC, which may be accessed on the investor page of our website.
All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.
The spin-off remains subject to various conditions, including the effectiveness of the Form 10 registration statement, receipt of a tax opinion from counsel, the refinancing of XPO’s debt on terms satisfactory to the XPO board of directors, and final approval by the XPO board of directors, among other requirements. There can be no assurance that the planned spin-off will occur or, if it does occur, the terms or timing.
Investor Contact
Tavio Headley
+1-203-413-4006
tavio.headley@xpo.com
Media Contact
Nina Reinhardt
+1-980-408-1594
nina.reinhardt@xpo.com
FAQ
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