GXO CEO Wilson to Step Down as Company Spurns Sale Offers
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GXO Logistics CEO Malcolm Wilson is planning to retire from his role leading the company next year, GXO announced Dec. 3.
Wilson has been GXO’s CEO since it was spun off from XPO in August 2021. He will continue to lead the company during the executive search process for his successor, according to a company statement.
“My time at GXO has been the highlight of my three decades in logistics,” Wilson said in the statement. “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 oversaw the company as it grew to 130,000 employees and more than 200 million square feet of facility space across its global operations. The company also completed acquisitions during his tenure.
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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 in the statement. “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.”
Greenwich, Conn.-based 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.
“We believe the news came as a surprise to those inside and outside the company, given continuity was emphasized in recent investor meetings with us,” TD Cowen analyst Jason Seidl wrote in a report. He noted, however, that recent reporting suggested failed deal negotiations on a possible sale of the company could have played a factor.
“GXO never commented on the potential sale process and did not attribute the departure to any recent company events,” Seidl said. “Bloomberg reported [Dec. 3] that the CEO transition may be somehow related to acquisition talks that fell apart. While GXO also continues to work its way through regulatory hurdles for its acquisition of Wincanton, we do not believe today’s retirement announcement is related.”
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Seidl said TD Cowen viewed Wilson as a strong and well-respected leader, and it traveled with Wilson and other company management to investor meetings. Seidl noted there were no indications of an intended departure, but he did point to earlier reports indicating that the company had hired an investment bank to explore a sale process.
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“We expect near-term pressure on the stock” in the aftermath of the Wilson departure, Seidl said.
Citing people familiar with the matter, Bloomberg said GXO would remain an independent company as it seeks Wilson’s replacement, declining acquisition offers.
The decision not to sell deviates from the company’s history of dealmaking, Bloomberg said, noting XPO built GXO through a series of acquisitions before spinning off the company to simplify its business structure. GXO in 2022 agreed to a deal to buy Clipper Logistics for about $1.3 billion.
GXO's clients include Nike and H&M, according to Bloomberg. GXO offers warehousing, distribution, order fulfillment and a range of supply chain services.
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