XPO will move forward from the spin-off with significant advantages of scale as one of only a few publicly traded LTL companies offering truly national US coverage. I’m excited to continue working with Brad and the team to create a world-class LTL carrier.” In the seven years that we’ve owned the business, we’ve improved our adjusted operating ratio dramatically - now, our new growth strategy has created fresh momentum. ![]() Our network has a robust technological infrastructure and a highly engaged team with many long-standing customer relationships. We have a high-ROIC LTL business in an industry with substantial barriers to entry, durable end-market demand, secular tailwinds and strong pricing dynamics. Harik said, “The opportunity ahead for XPO is enormous. In addition, Harik accelerated the growth strategy, doubling production run-rate at the company’s in-house trailer manufacturing facility and opening five new terminals, adding 345 net new doors toward a goal of 900 net new doors by year-end 2023. Over the same period, he enhanced pricing, excluding fuel impact, from a year-over-year gain of 6% to 10.6%, rebalanced the network and spearheaded high-impact technology deployments. In his first nine months as head of North American LTL, Harik improved the company’s operating efficiency to a record level in the second quarter of 2022. I’m confident that we’ll have a seamless transition from Mario’s current role as LTL president to his leadership of XPO as a standalone LTL company.” He has a deep understanding of our business, and he’s the architect of our industry-best technology platform. Jacobs continued, “Mario has been key to XPO’s success since our earliest days, working side-by-side with me to build the company into an industry leader and innovation powerhouse. Since taking over LTL last fall, Mario has driven marked improvements in operating ratio, pricing and network fluidity, as well as customer satisfaction and employee engagement.” The company plans to become a pure-play LTL transportation provider in North America by completing the brokerage spin-off and the divestiture of its European business.īrad Jacobs, chairman and chief executive officer of XPO Logistics, said, “Under Mario’s leadership, we’ve made major advances in transforming our LTL business, as demonstrated by the strong second quarter results we announced today. XPO further announced that Harik has been named president, less-than-truckload (LTL) effective immediately, after serving as acting LTL president since October 2021. Jacobs will remain with XPO as executive chairman, and will become non-executive chairman of the spin-off. ![]() (NYSE: XPO) today announced that Mario Harik will succeed Brad Jacobs as chief executive officer of XPO and join the board of directors following XPO’s planned spin-off of its tech-enabled brokerage platform in the fourth quarter. 04, 2022 (GLOBE NEWSWIRE) - XPO Logistics, Inc. Adjusted ebitda for 2022 was USD 997 million (2021: USD 812 million).ĬEO Mario Harik: "We’re pleased that we delivered over USD 1 billion of LTL adjusted ebitda for our shareholders in 2022, exceeding our target.Mario Harik has been appointed president, North American less-than-truckload, and will succeed Brad Jacobs as XPO’s chief executive officer once the spin-off is completeīrad Jacobs will remain with XPO as executive chairman Net income amounted to USD 184 million for 2022, well above the USD 96 million for 2021, while operating income amounted to USD 377 million for 2022 (2021: USD 312 million). Yet, the company witnessed a net loss due to three impacts primarily related to the RXO spin-off completed in November: a USD 64 million non-cash goodwill impairment charge related to European transportation, which became a new segment of XPO, a USD 42 million of transaction and integration costs and USD 35 million of restructuring charges.įor the full year, the company reported total revenues of USD 7.7 billion, compared to USD 7.2 billion for 2021. XPO Logistics generated revenues of USD 1.83 billion in Q4/2022, surpassing the USD 1.77 billion achieved in Q3/2021. Artikel Nummer: 43908 XPO's spin-off takes its toll
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