Greenwich”™s XPO Logistics has named the executive board for its intended spinoff company, scheduled to be separately listed on the New York Stock Exchange in the second half of the year.
As reported last month, the new company ”“ provisionally named NewCo ”“ would be the second-largest contract logistics provider in the world. The remaining firm, provisionally called XPORemainCo, will be a global provider of less-than-truckload (LTL) and truck brokerage transportation services.
If the spinoff is completed as expected, Bradley Jacobs will continue to serve as chairman and CEO of XPORemainCo, and will become chairman of the NewCo board.
XPO announced this morning that Malcolm Wilson, currently chief executive officer of XPO Logistics Europe, will become CEO of NewCo”™s global business. Wilson joined XPO in 2015 through the company”™s acquisition of Norbert Dentressangle, where he was head of the logistics division and a member of the executive board. He grew the logistics division to global scale as Norbert Dentressangle”™s largest revenue-producing unit.
In addition, Richard Cawston, who is XPO”™s president, supply chain logistics in Europe, will continue in that role with the new company. Cawston joined XPO through the Norbert Dentressangle acquisition.
Ashfaque Chowdhury, who is XPO”™s president, supply chain logistics for the Americas and Asia Pacific, will continue in that role with NewCo. Chowdhury had 20 years of senior experience with New Breed Logistics when he joined XPO in 2014.
Jacobs called the three executives “highly innovative leaders who are recognized as best-in-class by blue-chip customers. This team has worked together for years, and is ideally suited to unlock the growth opportunities in the standalone company. They have a long track record of creating sustainable value in the business through sophisticated operations, including advanced automation and digital warehouse management.”
XPO”™s logistics segment has approximately 212 million square feet of space at 890 locations worldwide.
