XPO Logistics Announces Jason Kerr as Chief Accounting Officer for RXO Spin-Off
October 14 2022 - 7:00AM
XPO Logistics, Inc. (NYSE: XPO), a leading provider of freight
transportation services, today announced that Jason Kerr will
become chief accounting officer of RXO, the planned spin-off of
XPO’s brokered transportation platform. Kerr has joined XPO as
chief accounting officer for the North American transportation
division, effective immediately. Hereports to Jamie Harris,
who, as previously announced, will be chief financial officer of
RXO, and currently serves as chief financial
officer, North American transportation.
Harris said, “Jason has a history of helping to
bolster shareholder value by collaborating with functional leaders.
He also brings deep analytical capabilities to our team. We have a
robust finance organization in place to support RXO in unlocking
its full potential as an independent brokered transportation
leader.”
Kerr has more than two decades of experience in
public company accounting, most recently as chief accounting
officer of BWX Technologies, Inc. (BWXT). During 12 years with BWXT
and its legacy enterprise, The Babcock & Wilcox Company, he led
accounting, reporting and compliance functions and was instrumental
in the company’s 2015 spin-off. Earlier, he served as a senior
manager with Deloitte & Touche LLP, and as a senior
auditor with Arthur Andersen LLP. He holds a master’s degree
and a bachelor’s degree in accounting from the College of
Charleston in South Carolina, and is a certified public
accountant.
Drew Wilkerson, incoming chief executive officer
of RXO, and current XPO president, North American transportation,
said, “RXO will spin off as a standalone public company on November
1 with a strong C-suite in place. Our brokerage platform has a long
track record of industry leadership as part of XPO, and now we’re
positioned to create significantly more value for our customers,
employees and shareholders.”
XPO expects to complete the distribution of RXO
shares on November 1, 2022, at which time the new company will
trade under the symbol “RXO” on the New York Stock Exchange.
Visit www.rxo.com for more information.
About XPO Logistics and RXO
XPO 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 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 for more information, and connect with XPO
on Facebook, Twitter, LinkedIn, Instagram and YouTube.
About the spin-offXPO intends to spin off its
tech-enabled brokered transportation platform as an independent
publicly traded company under the ticker symbol RXO. RXO will be
the fourth largest broker of full truckload freight transportation
in the United States, with a proprietary digital freight
marketplace, access to vast truckload capacity and complementary
brokered services for managed transportation, last mile and freight
forwarding. Visit rxo.com for more information.
Forward-looking Statements
This 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 and receipt of a tax opinion from counsel, among other
requirements. There can be no assurance that the planned spin-off
will occur or, if it does occur, the terms or timing.
Media Contacts
Karina
Frayter+1-203-484-8303karina.frayter@xpo.com
Nina
Reinhardt+1-980-408-1594nina.reinhardt@rxo.com
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