XPO Logistics’ plan to split its company into two separate entities moved one step closer this week with the unveiling of the executive board of the contracts logistics business.
XPO is set to create two separate companies – a global contract logistics firm and a company providing less-than-truckload (LTL) and truck brokerage transportation services.
The two businesses, currently dubbed NewCo and XPORemainCo are scheduled to be separately listed on the New York Stock Exchange later this year.
Malcolm Wilson, currently chief executive of XPO Logistics Europe, will become the chief executive of NewCo’s global business.
Wilson brings three decades of managing multinational supply chain operations to the role and is hailed by XPO as having “unprecedented growth and efficiencies”.
Wilson joined XPO in 2015 through the company’s acquisition of industry leader 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.
Richard Cawston, XPO president of supply chain logistics in Europe, will continue in this role with the new company.
Cawston joined XPO through the Norbert Dentressangle acquisition in 2015.
He initially served as MD of XPO’s logistics operations in the UK and Ireland before assuming leadership of the broader European logistics network. His 20-year career includes a wide experience in the e-commerce sector.
Ashfaque Chowdhury is XPO’s president, supply chain logistics in the Americas and Asia Pacific, and will continue in this role with the new company.
XPO said it expects to complete the spin-off in the second half of 2021, creating a separate, publicly traded logistics company.
The board will be chaired by Brad Jacobs, who will also continue to serve as chairman and chief executive of XPO Logistics.
Jacobs said: “Malcolm, Richard and Ashfaque are 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.”