XPO Logistics, Inc. (NYSE: XPO), a leading global provider of
transportation and logistics solutions, today announced that Karlis
Kirsis has been appointed chief legal officer for GXO Logistics,
Inc., the intended spin-off of XPO’s logistics business. Kirsis
currently serves as senior vice president, European chief legal
officer for XPO Logistics Europe. He will be responsible for GXO’s
legal and compliance functions, including corporate governance,
litigation and commercial matters.
Kirsis joined XPO in 2016 as vice president, corporate and
securities counsel, and subsequently served as senior vice
president, corporate counsel. Previously, he spent 10 years as a
senior corporate associate in New York and London for Skadden,
Arps, Slate, Meagher & Flom LLP, where he executed global
M&A and corporate finance transactions. He holds a juris
doctorate from New York University School of Law and a bachelor’s
degree from Amherst College.
Brad Jacobs, chairman and chief executive officer of XPO
Logistics, said, “Karlis’s extensive experience in world-class
corporate and legal environments, and the supply chain industry in
particular, will be significant assets to GXO. He will help align
the company’s legal functions with its strategic, game-changing
goals.”
As previously announced, XPO expects to spin off its logistics
business as a separate, publicly traded company on August 2, 2021.
As the largest pure-play contract logistics provider in the world,
GXO will be well-positioned to capitalize on the big three secular
tailwinds of e-commerce growth, customer demand for logistics
automation and the burgeoning trend toward supply chain
outsourcing. The business currently includes approximately 885
logistics locations in 27 countries.
About the GXO Spin-Off XPO expects to spin off
its logistics segment on August 2, 2021, creating two, pure-play
industry powerhouses. The separation will create two independent
public companies with distinct investment identities and service
offerings in vast addressable markets. GXO will be the largest
pure-play contract logistics provider in the world, and XPO will be
a leading provider of transportation services, primarily
less-than-truckload transportation and truck brokerage. Completion
of the spin-off is subject to various conditions, and there can be
no assurance that the transaction will occur or, if it does occur,
of its terms or timing. Visit gxo.com for more
information.
About XPO Logistics XPO Logistics, Inc. (NYSE:
XPO) provides cutting-edge supply chain solutions to the most
successful companies in the world, with two business segments:
transportation and logistics. The company helps more than 50,000
customers manage their supply chains most efficiently, using a
network of 1,621 locations in 30 countries and approximately
140,000 team members, including 108,000 employees and 32,000
temporary workers. The company’s corporate headquarters are in
Greenwich, Conn., USA. Visit xpo.com for more
information, and connect with XPO
on Facebook, Twitter, LinkedIn, Instagram and YouTube.
Forward-looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical fact
are, or may be deemed to be, forward-looking statements, including
the statements above regarding plans, benefits and timing of the
contemplated spin-off transaction. In some cases, forward-looking
statements can be identified by the use of forward-looking terms
such as “anticipate,” “estimate,” “believe,” “continue,” “could,”
“intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,”
“expect,” “objective,” “projection,” “forecast,” “goal,”
“guidance,” “outlook,” “effort,” “target,” “trajectory” or the
negative of these terms or other comparable terms. However, the
absence of these words does not mean that the statements are not
forward-looking. These forward-looking statements are based on
certain assumptions and analyses made by the company in light of
its experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors the company believes are appropriate in the
circumstances.
These forward-looking statements are subject to known and
unknown risks, uncertainties and assumptions that may cause actual
results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by such
forward-looking statements. Factors that might cause or contribute
to a material difference include, but are not limited to, the risks
discussed in our filings with the SEC and the following: economic
conditions generally; the severity, magnitude, duration and
aftereffects of the COVID-19 pandemic and government responses to
the COVID-19 pandemic; our ability to align our investments in
capital assets, including equipment, service centers and
warehouses, to our customers’ demands; our ability to implement our
cost and revenue initiatives; our ability to successfully integrate
and realize anticipated synergies, cost savings and profit
improvement opportunities with respect to acquired companies;
matters related to our intellectual property rights; fluctuations
in currency exchange rates; fuel price and fuel surcharge changes;
natural disasters, terrorist attacks or similar incidents; risks
and uncertainties regarding the potential timing and expected
benefits of the proposed spin-off of our logistics segment,
including final approval for the proposed spin-off and the risk
that the spin-off may not be completed on the terms or timeline
currently contemplated, if at all; the impact of the proposed
spin-off on the size and business diversity of our company; the
ability of the proposed spin-off to qualify for tax-free treatment
for U.S. federal income tax purposes; our ability to develop and
implement suitable information technology systems and prevent
failures in or breaches of such systems; our substantial
indebtedness; our ability to raise debt and equity capital;
fluctuations in fixed and floating interest rates; our ability to
maintain positive relationships with our network of third-party
transportation providers; our ability to attract and retain
qualified drivers; labor matters, including our ability to manage
our subcontractors, and risks associated with labor disputes at our
customers and efforts by labor organizations to organize our
employees; litigation, including litigation related to alleged
misclassification of independent contractors and securities class
actions; risks associated with our self-insured claims; risks
associated with defined benefit plans for our current and former
employees; and governmental regulation, including trade compliance
laws, as well as changes in international trade policies and tax
regimes; governmental or political actions, including the United
Kingdom’s exit from the European Union; and competition and pricing
pressures.
Media ContactsXPO Logistics, Inc.Joe
Checkler+1-203-423-2098joe.checkler@xpo.com
XPO Logistics EuropeAnne LaFourcade+33 (0)6 75 22 52
90anne.lafourcade@gxo.com
XPO (NYSE:XPO)
Historical Stock Chart
From Mar 2024 to Apr 2024
XPO (NYSE:XPO)
Historical Stock Chart
From Apr 2023 to Apr 2024