XPO Logistics announced GXO Logistics, the name of the company’s logistics business it plans to spin-off as an independent public company.
GXO will have a focus on its strategic priorities and blue-chip customer base, with a standalone equity currency to create long-term value for its stakeholders.
“The new company’s brand identity captures the qualities that make us an industry leader — our ability to deliver faster, leaner, smarter logistics for customers at lower cost, using advanced automation and data science,” said Malcolm Wilson, XPO’s chief executive officer – Europe, who will become CEO of GXO. “I’m looking forward to leading our global team to the many new opportunities in our future.”
In December 2020, XPO announced its intent to spin off the logistics segment of its existing business and create two companies focused separately on transportation and logistics. Post-separation, XPO will remain a global provider of freight transportation, primarily less-than-truckload and truck brokerage, and GXO will be the second largest contract logistics provider in the world, XPO officials said in a press release.