XPO Names J. Wes Frye to Board of Directors

Rhea-AI Summary

XPO (NYSE: XPO), a top provider of less-than-truckload (LTL) freight transportation in North America, has appointed J. Wes Frye to its board of directors, increasing board membership to nine, with seven being independent directors. Brad Jacobs, executive chairman, praised Frye for his extensive LTL experience and financial expertise gained over 30 years at Old Dominion Freight Line, where he played a key role in achieving around $3 billion in revenue growth. Frye is recognized for creating a customer-centric culture and enhancing financial operations. He holds an MBA in finance and has been named Best CFO in Transportation by Institutional Investor.

Positive

• Appointment of J. Wes Frye adds significant industry expertise to the board.
• Frye's history of driving $3 billion in revenue growth at Old Dominion highlights his capability.
• His financial acumen is expected to strengthen the company's strategy.

Negative

• Frye's departure from Old Dominion in 2015 raises questions about his recent industry engagement.

GREENWICH, Conn., March 09, 2023 (GLOBE NEWSWIRE) -- XPO (NYSE: XPO), a leading provider of less-than-truckload (LTL) freight transportation in North America, today announced that J. Wes Frye has joined the company’s board of directors, effective immediately. His appointment expands the composition of the board to nine members, of which seven are independent directors.

Brad Jacobs, executive chairman of XPO, said, “Wes Frye’s name is synonymous with LTL operational excellence. He brings a rare mix of industry expertise and financial acumen that will be a powerful asset to both our board and our company.”

Frye served as a 30-year executive with Old Dominion Freight Line, Inc. (ODFL), including 18 years as chief financial officer, until his retirement in 2015. He was instrumental in creating ODFL’s customer-centric culture, and executed numerous initiatives that led to approximately $3 billion of revenue growth. Additionally, he built ODFL’s finance organization, established the company’s incentive compensation structure and introduced software applications for business intelligence, forecasting, pricing and KPI management.

Frye was ranked Best CFO in Transportation in Institutional Investor's 2011 All-America Executive Team awards. He holds an MBA degree in finance from the University of North Carolina at Charlotte, and a bachelor’s degree in business administration from Appalachian State University.

About XPO
XPO (NYSE: XPO) is one of the largest providers of asset-based less-than-truckload (LTL) transportation in North America, with proprietary technology that moves goods efficiently through its network. Together with its business in Europe, XPO serves approximately 48,000 customers with 554 locations and 38,000 employees. The company is headquartered in Greenwich, Conn., USA. Visit xpo.com for more information, and connect with XPO on Facebook, Twitter, LinkedIn, Instagram and YouTube.

Investor Contact
Tavio Headley
+1-203-413-4006
tavio.headley@xpo.com

Media Contact
Karina Frayter
+1-203-484-8303
karina.frayter@xpo.com

FAQ

Who is J. Wes Frye and what is his background?

J. Wes Frye is a 30-year veteran of the LTL industry, formerly serving as CFO at Old Dominion Freight Line, where he contributed to significant revenue growth.

What impact will J. Wes Frye's appointment have on XPO?

Frye's appointment is expected to enhance XPO's strategic position with his industry knowledge and financial expertise.

How many members are on XPO's board of directors after the appointment?

With J. Wes Frye's appointment, XPO's board now has nine members, seven of whom are independent.