XPO approves RXO spin-off, appoints new CFO

XPO Logistics today announced “that its board of directors has approved the previously announced separation of its tech-enabled brokered transportation platform through the distribution of all of the outstanding shares of common stock of its wholly owned subsidiary, RXO, Inc., to holders of XPO common stock.

“The separation, once complete, will create two transportation leaders with distinct investment identities and clearly delineated value propositions in their respective industries: RXO will be the fourth largest broker of full truckload freight transportation in the United States, with a proprietary digital freight marketplace, access to massive truckload capacity and complementary brokered services for managed transportation, last mile and freight forwarding. XPO will be a leading provider of less-than-truckload transportation in North America, with a European transportation business that the company plans to divest,” the company said.

(The full release is here.)

XPO also disclosed today Carl Anderson as its new CFO, effective 8 November.

Anderson will replace Ravi Tulsyan, who will leave the company “after assisting with the CFO transition”.

“Anderson most recently served as chief financial officer of Meritor, Inc., a global supplier of OEM and aftermarket parts for commercial vehicle and industrial markets. His 25-year career in transportation includes earlier positions with Meritor, a Cummins company, including group vice president, finance; treasurer; and director, international capital markets, market risk management and corporate insurance,” XPO added.