XPO Logistics Announces Yoav Amiel as Chief Information Officer for Spin-Off
XPO Logistics (NYSE: XPO) announced the appointment of Yoav Amiel as chief information officer for its upcoming asset-light brokered transportation platform spin-off. Amiel has 25 years of tech experience and has led the development of XPO Connect, enhancing the company's digital brokerage. The spin-off, expected to be completed in Q4 2022, aims to create two distinct publicly traded entities, focusing on growth in North America. XPO's truck brokerage service will significantly contribute to the new company, alongside other brokered services.
- Appointment of Yoav Amiel as CIO enhances leadership for the spin-off.
- Expertise in digital brokerage strengthens competitive position.
- Spin-off expected to unlock growth opportunities in North America.
- Spin-off is subject to various conditions, creating uncertainty.
- No assurance that the planned spin-off will occur as scheduled.
GREENWICH, Conn., June 07, 2022 (GLOBE NEWSWIRE) -- XPO Logistics, Inc. (NYSE: XPO), a leading provider of freight transportation services, today announced that Yoav Amiel has been appointed chief information officer for the planned spin-off of the company’s asset-light brokered transportation platform. Amiel currently leads the technology organization for XPO’s North American transportation division led by Drew Wilkerson, who, as previously announced, will be chief executive officer of the spin-off company.
Amiel is a high-impact technology leader with 25 years of experience, including senior positions with world-class digital marketplaces. He joined XPO in 2018 as vice president, technology and has been instrumental in driving rapid industry adoption of the XPO Connect digital brokerage platform. In 2021, his responsibilities were expanded to include strategic leadership as senior vice president, technology. Prior to XPO, Amiel served as director of product at Amazon; and as head of product – machine-learned maps with both Uber and Microsoft, among other leadership roles. He holds a bachelor of science degree in computer science and a master’s degree in business administration from Tel Aviv University in Israel.
Wilkerson said, “I’ve seen firsthand how Yoav’s expertise in transforming traditional transportation processes enhances the outperformance of our truck brokerage business, while delivering significant benefits to customers. His expertise will be an even stronger asset to the standalone company with a pure-play brokerage model.”
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’s best-in-class truck brokerage service will be the largest component of the spin-off, with complementary brokered services for managed transportation, last mile logistics and global forwarding. On June 2, 2022, XPO announced that it had filed a confidential Form 10 registration statement with the US Securities and Exchange Commission for the spin-off, which the company continues to expect to complete in the fourth quarter of 2022.
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 731 locations and 42,000 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 and divestitures, the expected timing of the transactions and the anticipated benefits of the transactions. 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
XPO Logistics, Inc.
Tavio Headley
+1-203-413-4006
tavio.headley@xpo.com
Media Contact
XPO Logistics, Inc.
Joe Checkler
+1-203-423-2098
joe.checkler@xpo.com
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