XPO Logistics Inc. turned its tech-enabled brokered transportation platform into an independent, publicly-traded company Nov. 1.
The new company, named RXO, will broker truckload freight via a proprietary digital freight marketplace that provides access to truckload capacity and complementary brokered services for managed transportation, last-mile and freight forwarding, the company said.
The company trades under the symbol RXO.
XPO, which now stands as a pure-play less-than-truckload carrier, announced plans to separate its tech-enabled brokered transportation services into a separate business on March 8. This followed the move to convert its global contract logistics operations into another stand-alone company, called GXO Logistics, in August 2021.
Drew Wilkerson will serve as CEO of RXO and serve on the company’s board. Wilkerson previously was president of North American transportation at XPO.
Brad Jacobs will serve as non-executive chairman for RXO. He also is chairman of XPO and GXO.
XPO says the spinoff will benefit both companies by permitting each to focus more closely on strategic priorities, customer requirements and stakeholder interests. Each will have its own management team to provide greater flexibility for decision-making.
XPO Logistics ranks No. 3 on the Transport Topics Top 100 list of the largest for hire carriers in North America and No. 6 on the Transport Topics Top 100 list of the largest logistics companies.