XPO Logistics Inc. has appointed Drew Wilkerson to be the CEO for the planned spin-off of its tech-enabled brokers services platform.Wilkerson will transition to the CEO role with the spin off, which the company expects to complete in the fourth quarter of this year.
XPO intends to spin off its tech-enabled brokered services platform from its less-than-truckload (LTL) business, creating two separate, publicly traded companies at the top of their industries in North America. The core business of the spin-off will be XPO’s best-in-class truck brokerage service, with complementary brokered services for last-mile logistics, managed transportation and global forwarding. All four asset-light operations are in the North American Transportation division currently led by Wilkerson.
Brad Jacobs, chairman and chief executive officer of XPO Logistics, said, “Drew is an exceptional transportation executive who’s passionate about creating value through our technology-based brokerage model. He’s a major reason why our truck brokerage revenue growth rate was three times the industry CAGR from 2013 to 2021. The spin-off is an opportunity for Drew and his proven management team to unlock greater potential with a pure-play brokerage platform.”
The company expects to complete the separation of the freight brokerage business by the end of the fourth quarter. It hasn’t determined how shares in the spinoff will be distributed to existing XPO shareholders and hasn’t given a name to the spinoff.
Growth + Change = Opportunity! How are you going to capitalize on the opportunity as a freight broker, agent, dispatcher or box truck carrier!?