QXO Announces Leadership Team and Board of Directors
June 06 2024 - 11:49AM
Brad Jacobs, chairman and chief executive officer of QXO, Inc.
(Nasdaq: QXO), today announced the appointment of eight executives
and six members of its board of directors, effective immediately.
QXO entered the $800 billion building products distribution
industry today when Jacobs led a $1 billion equity investment to
completion. Ihsan Essaid was previously announced as QXO’s incoming
chief financial officer.
Brad Jacobs said, “I’ve known these leaders for
many years and have great confidence in their ability to grow QXO
into a tech-forward leader in building products distribution. We
have a world-class executive team pursuing shareholder value out of
the gate!”
These eight leaders have extensive experience
executing growth strategies at scale, including roles with three of
Jacobs’ prior public companies:
- Josephine Berisha, chief human resources officer—Berisha has
more than two decades of senior HR experience with global
companies, including human capital management, performance
management, compensation and benefits, and workforce planning and
analysis. She previously served as chief human resources officer
for XPO, Inc. from 2020 to 2023, following three years as senior
vice president, compensation, benefits and workforce analytics.
Prior to XPO, during 18 years with Morgan Stanley, she held various
HR leadership positions, including managing director, head of
corporate compensation and executive pay design from 2013 to 2017.
- Joe Checkler, senior vice president, communications—Checkler
most recently served as vice president of communications for XPO,
Inc., where he led the corporate and investor communications
organization from 2018 to 2022. Prior to XPO, he was a media
relations executive with Peppercomm Inc. from 2015 to 2018. He
began his career with an 11-year tenure as a reporter for Dow Jones
& Company, where he covered business and financial news for The
Wall Street Journal.
- Matt Fassler, chief strategy officer—Fassler was chief strategy
officer of XPO, Inc. from 2018 through 2022 during the company’s
strategic transformation in North America, and currently serves as
a member of the board of directors of GXO Logistics, Inc., which
was spun off from XPO. Previously, he spent more than 20 years at
Goldman Sachs in global investment research as a managing director
and business unit leader for the consumer sector from 2007 to 2018,
and managing director, co-business unit leader for the retail
sector from 2004 to 2007.
- Austin Landow, executive vice president—Landow is managing
director of Jacobs Private Equity, LLC with responsibility for
leading strategic projects. He joined XPO, Inc. from 2019 to 2023,
and was instrumental in helping the company spin off GXO Logistics,
Inc. and RXO, Inc. Earlier in his career, he was responsible for
real estate investing while with Stockbridge Capital Group, LLC,
and worked in the distressed debt and private equity groups at
Cerberus Capital Management.
- Mark Manduca, chief investment officer—Manduca previously
served as chief investment officer of GXO Logistics, Inc. from 2021
to 2023, with responsibility for managing relationships within the
investment community. Prior to GXO, he held senior positions with
leading investment banks, including Citigroup in London, where he
was managing director in equity research from 2018 to 2021.
Earlier, he led various sector-specific research teams for Bank of
America Merrill Lynch.
- Eduardo Pelleissone, chief transformation officer—Pelleissone
most recently led operations in the Americas and Asia Pacific for
GXO Logistics, Inc. from 2021 to 2024, after serving as chief
transformation officer for GXO’s parent company, XPO, Inc. Prior to
XPO, he was executive vice president of global operations and chief
operating officer for five years with Kraft Heinz Co. Earlier,
during more than nine years with rail logistics leader America
Latina Logistica SA, he held roles as chief executive officer and
chief operating officer.
- Chris Signorello, chief legal officer—Signorello previously
served in senior legal roles with XPO, Inc., most recently as
deputy general counsel and chief compliance officer from 2021 to
2023. Prior to XPO, he was with industrial and consumer products
leader Henkel Corporation for nearly a decade, where he was
associate general counsel, among other leadership positions.
Earlier, he spent nine years with the product liability and
commercial litigation practice groups at Goodwin Procter LLP.
- Sean Smith, chief accounting officer and deputy chief financial
officer—Smith has more than two decades of senior financial
experience across multiple industries. From 2019 to 2024, he served
as corporate controller for Chewy, Inc., a leading e-commerce
retailer of pet supplies and medications. Prior to Chewy, he held
key finance positions with XPO, Inc. over more than three years,
most recently as corporate controller. He began his career with
KPMG LLP.
Six inaugural members of QXO’s board of directors
have been selected:
- Brad Jacobs, chairman—Jacobs founded and led five public
companies prior to QXO: United Waste Systems, Inc., United Rentals,
Inc., XPO, Inc., and XPO’s spin-offs, GXO Logistics, Inc. and RXO,
Inc. He serves as executive chairman of XPO and as non-executive
chairman of GXO and RXO. Jacobs is the managing partner of Jacobs
Private Equity, LLC.
- Jason Aiken—Aiken has led the technologies segment of General
Dynamics since 2023. Over the course of his 22-year tenure with
General Dynamics, he served as the company’s chief financial
officer from 2014 to 2024, and earlier as chief financial officer
of General Dynamics subsidiary Gulfstream Aerospace, among other
senior positions.
- Marlene Colucci—Colucci has served as chief executive officer
of The Business Council in Washington, D.C. since 2013. Previously,
she was executive vice president of public policy for the American
Hotel & Lodging Association, and earlier held positions as
special assistant to the President of the United States in the
Office of Domestic Policy, deputy assistant secretary with the
Department of Labor’s Office of Congressional and Intergovernmental
Affairs, and senior counsel with Akin Gump Strauss Hauer & Feld
LLP. She is vice chair of the board of directors of GXO Logistics,
Inc.
- Mario Harik—Harik has led XPO, Inc. as chief executive officer
since November 2022 and serves on its board. He joined XPO in 2011
as chief information officer, and held additional roles as chief
customer officer and president, North American less-than-truckload.
His prior career included chief information officer with Oakleaf
Waste Management, chief technology officer with Tallan, Inc., and
co-founder of G3 Analyst.
- Mary Kissel—Kissel is executive vice president and senior
policy advisor with Stephens Inc. She joined Stephens in 2021,
following her role as senior advisor to the U.S. Secretary of
State. Earlier, during 14 years with The Wall Street Journal, she
served on the editorial board in New York, and as editorial page
editor for Asia Pacific in Hong Kong. She began her career at
Goldman Sachs. Kissel is a member of the Council on Foreign
Relations and a director of the American Australian Council. She is
vice chair of the board of directors of RXO, Inc.
- Allison Landry—Landry is a former senior transportation
research analyst with Credit Suisse, covering the trucking,
railroad, airfreight and logistics industries for more than 15
years. Previously, she was a financial analyst and senior
accountant with OneBeacon Insurance Co. (now Intact Insurance
Specialty Solutions). She serves as vice chair of the board of
directors of XPO, Inc.
Further QXO leadership appointments, including
chief technology officer, as well as potential additional board
members, will be announced at a future date.
On June 6, 2024, Jacobs Private Equity II, LLC
(JPE) and certain co-investors closed a $1 billion equity
investment into SilverSun Technologies, Inc. JPE became SilverSun’s
majority stockholder and the company began operating and pursuing
acquisitions under the new name of QXO.
About QXO, Inc.
QXO provides technology solutions, primarily to clients in the
manufacturing, distribution and service sectors. The company
provides consulting and professional services, specialized
programming, training and technical support, and develops
proprietary software. As a value-added reseller of business
application software, QXO offers solutions for accounting,
financial reporting, enterprise resource planning, warehouse
management systems, customer relationship management, business
intelligence and other applications.
QXO plans to become a tech-forward leader in the
$800 billion building products distribution industry. The company
is targeting tens of billions of dollars of annual revenue in the
next decade through accretive acquisitions and organic growth.
Visit QXO.com for more information.
Forward-Looking Statements
This communication contains forward-looking
statements. Statements that are not historical facts, including
statements about beliefs, expectations, targets or goals, are
forward-looking statements. These statements are based on plans,
estimates, expectations and/or goals at the time the statements are
made, and readers should not place undue reliance on them. In some
cases, readers can identify forward-looking statements by the use
of forward-looking terms such as “may,” “will,” “should,” “expect,”
“opportunity,” “intend,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “potential,” “target,” “goal,” or
“continue,” or the negative of these terms or other comparable
terms. Forward-looking statements involve inherent risks and
uncertainties and readers are cautioned that a number of important
factors could cause actual results to differ materially from those
contained in any such forward-looking statements. Factors that
could cause actual results to differ materially from those
described herein include, among others:
- risks associated with potential significant volatility and
fluctuations in the market price of the Company’s common stock;
- risks associated with the Company’s relatively low public
float, which may result in its common stock experiencing
significant price volatility;
- risks associated with raising additional equity or debt capital
from public or private markets to pursue the Company’s business
plan following the closing of the equity investment, including in
an amount that may significantly exceed the amount of the equity
investment, and the effects that raising such capital may have on
the Company and its business, including the risk of substantial
dilution or that the Company’s common stock may experience a
substantial decline in trading price;
- the possibility that additional future financings may not be
available to the Company on acceptable terms or at all;
- the effect that the consummation of the equity investment and
the other transactions contemplated by the Investment Agreement may
have on the Company and its current or future business or on the
price of the Company’s common stock;
- the possibility that an active, liquid trading market for the
Company’s common stock may not develop or, if developed, may not be
sustained;
- the possibility that the warrants and the preferred stock
issued pursuant to the Investment Agreement may or may not be
converted or exercised, and the economic impact on the Company and
the holders of common stock of the Company that may result from
either such exercise or conversion, including dilution, or the
continuance of the preferred stock remaining outstanding, and the
impact its terms, including its dividend, may have on the Company
and the common stock of the Company;
- uncertainties regarding the Company’s focus, strategic plans
and other management actions;
- the risk that the Company is or becomes highly dependent on the
continued leadership of Brad Jacobs as chairman and chief executive
officer and the possibility that the loss of Jacobs in these roles
could have a material adverse effect on the Company’s business,
financial condition and results of operations;
- risks associated with becoming a “controlled company” following
the closing of the equity investment, as defined under applicable
stock exchange rules, including that Jacobs will be able to
influence the Company’s management and affairs and all matters
requiring stockholder approval, including the election of directors
and approval of significant corporate transactions;
- the risk that certain rules of the U.S. Securities and Exchange
Commission (the “SEC”) may require that any registration statement
the Company may file with the SEC be subject to SEC review and
potential delay in its effectiveness, and that a registration
statement must be filed and declared effective for any acquisition
(including an all-cash acquisition), which would delay its
consummation and could reduce the Company’s attractiveness as an
acquirer for potential acquisition targets;
- the possibility that the concentration of ownership by Jacobs
may have the effect of delaying or preventing a change in control
of the Company and might affect the market price of shares of the
common stock of the Company;
- the possibility that the Company’s status as a “controlled
company” could cause the common stock of the Company to be less
attractive to certain investors;
- the risk that Jacobs’ past performance may not be
representative of future results;
- the risk that the Company is unable to retain world-class
talent;
- the risk that the failure to consummate any acquisition
expeditiously, or at all, could have a material adverse effect on
the Company’s business prospects, financial condition, results of
operations or the price of the Company’s common stock;
- risks that the Company may not be able to enter into agreements
with acquisition targets on attractive terms, or at all, that
agreed acquisitions may not be consummated, or, if consummated,
that the anticipated benefits thereof may not be realized and that
the Company encounter difficulties in integrating and operating
such acquired companies, or that matters related to an acquired
business (including operating results or liabilities or
contingencies) may have a negative effect on the Company or its
securities or ability to implement its business strategy, including
that any such transaction may be dilutive or have other negative
consequences to the Company and its value or the trading prices of
its securities;
- risks associated with cybersecurity and technology, including
attempts by third parties to defeat the security measures of the
Company and its business partners, and the loss of confidential
information and other business disruptions;
- the possibility that new investors in any future financing
transactions could gain rights, preferences and privileges senior
to those of the Company’s existing stockholders;
- the possibility that building products distribution industry
demand may soften or shift substantially due to cyclicality or
seasonality or dependence on general economic conditions, including
inflation or deflation, interest rates, consumer confidence, labor
and supply shortages, weather and commodity prices;
- the possibility that regional or global barriers to trade or a
global trade war could increase the cost of products in the
building products distribution industry, which could adversely
impact the competitiveness of such products and the financial
results of businesses in the industry;
- risks associated with potential litigation related to the
transactions contemplated by the Investment Agreement or related to
any possible subsequent financing transactions or acquisitions or
investments;
- uncertainties regarding general economic, business,
competitive, legal, regulatory, tax and geopolitical conditions;
and
- other factors, including those set forth in the Company’s
filings with the SEC, including its Annual Report on Form 10-K for
the fiscal year ended December 31, 2023, Quarterly Report on Form
10-Q for the fiscal quarter ended March 31, 2024, and subsequent
Quarterly Reports on Form 10-Q.
Forward-looking statements herein speak only as of
the date each statement is made. None of the Company, JPE nor any
person undertakes any obligation to update any of these statements
in light of new information or future events, except to the extent
required by applicable law.
Media Contact Joe Checkler
joe.checkler@qxo.com +1-732-674-4871 www.qxo.com
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