XPO Logistics has completed its spin-off of GXO Logistics, creating two independent companies.
The division sees XPO continue as a provider of freight transportation services, less-than-truckload transportation and truck brokerage services, whilst GXO will become what XPO claims is “the largest pure-play contract logistics provider in the world”.
The new business has been launched to focus on the growth in e-commerce and omnichannel retail and the shift toward outsourcing supply chain services.
Malcolm Wilson, former chief executive of XPO Logistics Europe, has become chief executive of the new global business, whilst Richard Cawston, who was XPO’s president for supply chain logistics in Europe, will continue in that role with GXO.
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GXO’s board of directors is chaired by Brad Jacobs, who will continue to serve as chairman and chief executive of XPO Logistics.
Announcing the completion of the split, Jacobs said, “With the timely completion of our spin-off, XPO and GXO are moving forward with powerful momentum as independent public companies. I want to thank the many people whose work over the past eight months has made this initiative a reality. We’ve given both businesses a clear line of sight to unlocking their full potential.”
