Greenwich-headquartered XPO Logistics Inc. announced that Brad Jacobs will stepping down as CEO of XPO and will be replaced by Mario Harik.
Jacobs will join the board of directors following XPO”™s planned spin-off of its tech-enabled brokerage platform and will also remain with XPO as executive chairman while becoming non-executive chairman of the spin-off.
The changes will occur in the fourth quarter. Effective immediately, Harik was also named president, less-than-truckload (LTL), after serving as acting LTL president since October 2021.
“Mario has been key to XPO”™s success since our earliest days, working side-by-side with me to build the company into an industry leader and innovation powerhouse,” said Jacobs. “He has a deep understanding of our business, and he”™s the architect of our industry-best technology platform. I”™m confident that we”™ll have a seamless transition from Mario”™s current role as LTL president to his leadership of XPO as a standalone LTL company.”
XPO also reported that its revenue increased to $3.23 billion for the second quarter, compared with $3.19 billion for the same period in 2021. Net income from continuing operations attributable to common shareholders was $141 million for the second quarter, compared with $113 million for the same period in 2021. Operating income was $230 million for the second quarter, compared with $191 million for the same period in 2021.
“We reported the highest adjusted EBITDA of any quarter in our history, and raised our 2022 full year guidance,” Jacobs stated. “Our company has a 38% return on invested capital, net leverage of 1.8x, and multiple catalysts for value creation largely independent of the macro. Following the planned fourth quarter spin-off, we”™ll become two strong, standalone companies with long runways for earnings growth.”
