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XPO announces board for brokerage spinoff RXO

Jacobs will chair RXO’s board of directors

RXO's board announced ahead of planned fourth-quarter spin. (Photo: Jim Allen/FreightWaves)

XPO Logistics announced Tuesday a nine-seat board of directors for its brokerage platform, RXO, which it plans to spin off in the fourth quarter. 

As previously announced, XPO’s founder, chairman and CEO Brad Jacobs will be the nonexecutive chairman of RXO.

The inaugural board will be effective once the spinoff transaction closes.

RXO, a tech-enabled freight brokerage, boasts 100,000 independent carriers and 1.5 million trucks on its platform. The unit ranks as the fourth-largest broker of full truckload services in North America.

Following the transaction, XPO will stand as one of the largest pure-play less-than-truckload providers in the U.S.

Drew Wilkerson, who was announced as CEO of RXO in May, will also serve on the board. The other seven board seats will be filled by independents, three of whom will resign from XPO’s (NYSE: XPO) board once the separation has been completed.

In recent weeks, XPO has announced several C-suite hires to fill out the RXO roster.

Mario Harik, currently chief information officer and president of XPO’s LTL unit, will succeed Jacobs as CEO of XPO. Jacobs will remain executive chairman at XPO following the transaction. Jacobs is also the current chairman of contract logistics provider GXO (NYSE: GXO), which XPO spun off a year ago.

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Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.