XPO Logistics, Inc. announced GXO Logistics, Inc., the planned spin-off of XPO’s logistics business, positioned to capitalize on the growth in e-commerce and omnichannel retail, fast-growing customer demand for automation and digital capabilities and a shift toward outsourcing supply chain services.
“Today, we took an exciting step forward on our path to spinning off our logistics segment,” says Brad Jacobs, chairman and CEO of XPO Logistics. “The new company is called GXO — three letters that stand for the game-changing opportunities we’re bringing to the table for customers, employees and shareholders, with a nod to our XPO heritage. GXO will take this legacy into the future as an independent public company, with countless ways to deliver logistics at full potential.”
“The new company’s brand identity captures the qualities that make us an industry leader — our ability to deliver faster, leaner, smarter logistics for customers at lower cost, using advanced automation and data science,” says Malcolm Wilson, XPO’s chief executive officer – Europe, who was named to become CEO of GXO. “I’m looking forward to leading our global team to the many new opportunities in our future.”
From XPO Logistics, Inc.
- GXO will have an undiluted focus on its strategic priorities and blue-chip customer base, with a standalone equity currency to create long-term value for its stakeholders.
- In December 2020, XPO announced its intent to spin off the logistics segment of its existing business and create two pure-play industry powerhouses focused separately on transportation and logistics.
- Post-separation, XPO will remain a global provider of freight transportation, primarily less-than-truckload and truck brokerage, and GXO will be the second largest contract logistics provider in the world.