Bloomberg News
GXO CEO Wilson to Step Down as Company Spurns Offers
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GXO Logistics announced Dec. 3 that CEO Malcolm Wilson plans to retire in 2025. Wilson, who has held the top post since GXO was spun off from trucking company XPO in 2021, will continue to lead the company during the search for a successor, according to a statement that confirmed an earlier Bloomberg report.
“My time at GXO has been the highlight of my three decades in logistics,” Wilson said. “We have an outstanding organization that embraces new technologies, keeping us at the forefront of the industry. I’m grateful to the team and our customers for their support — and I look forward to working with the board to ensure the company is in excellent hands.”
Wilson also oversaw the company growing to 130,000 employees and more than 200 million square feet of facility space across its global operations. The company also completed acquisitions during that time.
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“Malcolm’s countless contributions to GXO and its legacy parent XPO span nearly a decade,” GXO Board Chairman Brad Jacobs said. “Under his leadership, GXO has added more than $3 billion of revenue and received global recognitions each year for innovation and workplace culture. Our incoming CEO will inherit a best-in-class management team and strong industry positioning, while Malcolm will embark on a well-deserved retirement.”
GXO ranks No. 5 on the Transport Topics Top 100 list of the largest logistics companies in North America. XPO ranks No. 5 on the TT Top 100 list of the largest for-hire carriers.
Also, GXO plans to remain an independent company, according to people familiar with the matter, spurning acquisition offers as the supply chain services provider prepares to replace its CEO.
The company reached the decision after exploring sale options in recent months, said people who asked not to be identified discussing information that isn’t public. Bloomberg reported in October that the Greenwich, Conn.-based company was working with financial advisers after receiving interest from potential buyers.
GXO’s shares tumbled as much as 12% after regular trading in New York. The stock was down 3.5% this year through the close while the broader market is up, giving the company a market value of about $7 billion.
RELATED: GXO Reports 28% Revenue Jump for Q3
The decision not to sell strays from the company’s track record of dealmaking. XPO built GXO through a series of acquisitions before spinning off the company to simplify its business structure. GXO reached a deal in 2022 to buy Clipper Logistics for about $1.3 billion.
GXO, which counts clients such as Nike and H&M, offers warehousing, distribution, order fulfillment and a range of supply chain services.
Transport Topics contributed to this report.
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