XPO Names Dave Bates New COO
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Less-than-truckload freight company XPO has appointed an executive from Old Dominion Freight Line Inc. as its new chief operating officer. Dave Bates is joining XPO on April 23 after 12 years as Old Dominion’s senior vice president of operations.
XPO ranks No. 3 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
“Dave is a high-impact executive with a strong track record of driving excellence in all aspects of LTL operations. We’re delighted that he’ll be leading our operations in creating ongoing value for our customers and investors,” Mario Harik, CEO of XPO, said in a statement.
Before joining Old Dominion, Bates was with Carolina Freight Carriers, and earlier Roadway Express.
We’re excited to announce that Dave Bates – one of the best operators in the LTL industry – is joining XPO as chief operating officer. Welcome aboard, Dave! https://t.co/m1IaMp3pxo — XPO (@XPOLogistics) April 20, 2023
Bates is not the first high-level hire that XPO has made from ODFL.
Wes Frye, a thirty-year ODFL veteran, including 18 years as chief financial officer, sits on XPO’s board of directors.
With first-quarter earnings expected soon, XPO in the last quarter of 2022 reported a loss of $94 million, or a loss of 81 cents a diluted share. That compared with a gain of $122 million, $1.05, during the same time in 2021. Total revenue increased 3.3% to $1.83 billion from $1.77 billion.
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However, company officials said much of the loss can be attributed to the one-time costs associated with last year’s spinoff of RXO. The technology-focused truckload freight brokerage business became a stand-alone company Nov. 1. The earnings report included adjusted measures that normalize for the spinoff.
Harik attributed the company growth amid a softening freight environment to expanding capacity, service improvements and technology investments. That includes the company building its own trailers, growing its workforce and adding six terminals over the past year. XPO expanded its linehaul fleet by more than 10% in 2022.
“Another thing that I’m very proud of is the fact that we grew tonnage in a macroenvironment, where the entire industry’s tonnage was down,” Harik said. “So, when you look at the LTL industry, there was softer freight demand given the softer macro, and we were able to grow tonnage and gain market share in that environment.”
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