XPO Logistics Appoints Industry Veteran Jeff Firestone as Chief Legal Officer for RXO Spin-Off
August 25 2022 - 7:00AM
XPO Logistics, Inc. (NYSE: XPO), a leading provider of freight
transportation services, today announced that Jeff
Firestone will become chief legal officer of RXO, the planned
spin-off of XPO’s brokered transportation
platform. Firestone will join XPO as chief legal officer
of the North American transportation division, effective
immediately, and will lead RXO’s legal organization when the
separation is complete. He reports to Drew Wilkerson,
who, as previously announced, will be chief executive officer of
RXO, and currently serves as president, transportation – North
America.
Firestone’s 26-year career includes more than
two decades with United Parcel Service, where he held senior legal
responsibility for corporate matters, litigation, governance,
compliance and risk mitigation, and worked closely with UPS
business leaders in achieving performance goals. Most recently, he
was UPS deputy general counsel, regulatory compliance and risk, and
earlier, senior vice president, business unit finance. Firestone
began his career with Gibson, Dunn & Crutcher LLP. He
received his juris doctorate degree from the George Washington
University Law School, and holds a master’s degree in professional
accounting from the University of Texas.
Wilkerson said, “We’re continuing to build out our
C-suite for the planned spin-off with another strong addition to
the team. Jeff’s an accomplished leader across multiple legal
disciplines, with a deep understanding of the transportation
industry. His expertise in cross-functional support for commercial
strategies will be a key resource for RXO management.”
As previously announced, XPO intends to spin off
its asset-light brokered transportation platform from its
asset-based less-than-truckload business, creating two separate,
publicly traded companies with vast growth prospects in North
America. XPO expects to complete the spin-off in the fourth
quarter of 2022.
About XPO LogisticsXPO Logistics,
Inc. (NYSE: XPO) is a leading provider of freight
transportation services, primarily less-than-truckload (LTL) and
truck brokerage. XPO uses its proprietary technology, including the
cutting-edge XPO Connect® automated freight marketplace, to move
goods efficiently through supply chains. The company’s global
network serves 50,000 shippers with approximately 749 locations and
43,000 employees, and is headquartered in Greenwich, Conn.,
USA. Visit xpo.com and europe.xpo.com for more
information, and connect with XPO
on Facebook, Twitter, LinkedIn, Instagram and YouTube.
Forward-looking StatementsThis 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, including
statements relating to the planned spin-off, the expected timing of
the transaction and the anticipated benefits of the transaction.
All statements other than statements of historical fact are, or may
be deemed to be, forward-looking statements.
These forward-looking statements are based on
certain assumptions and analyses made by us in light of our
experience and our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe 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 the risks discussed in our filings with the SEC,
which may be accessed on the investor page of our
website.
All forward-looking statements set forth in this
release are qualified by these cautionary statements and there can
be no assurance that the actual results or developments anticipated
by us will be realized or, even if substantially realized, that
they will have the expected consequences to or effects on us or our
business or operations. Forward-looking statements set forth in
this release speak only as of the date hereof, and we do not
undertake any obligation to update forward-looking statements to
reflect subsequent events or circumstances, changes in expectations
or the occurrence of unanticipated events, except to the extent
required by law.
The spin-off remains subject to various
conditions, including the effectiveness of the Form 10 registration
statement, receipt of a tax opinion from counsel, the refinancing
of XPO’s debt on terms satisfactory to the XPO board of directors,
and final approval by the XPO board of directors, among other
requirements. There can be no assurance that the planned spin-off
will occur or, if it does occur, the terms or timing.
Investor ContactTavio
Headley+1-203-413-4006tavio.headley@xpo.com
Media ContactNina
Reinhardt+1-980-480-1594nina.reinhardt@xpo.com
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