XPO Logistics company
Hire a unused chief financial officer as it prepares to spin off a business unit that generates more than a third of its revenue and focuses solely on the booming transportation sector.
Greenwich, Connecticut-based XPO, one of the largest providers of warehousing, trucking and final-mile services in the United States, said Wednesday it has appointed Rafi Tolsian as its chief financial officer. Mr. Tolsian joined XPO as treasurer in 2016 and took on additional duties when he became deputy chief financial officer in February. Prior to XPO, he worked in various financial roles at ADT company ,
Tyco International PLC, PepsiCo Inc. Xerox Holdings corp.
Mr. Tolsian succeeds current CFO David Washner, who will leave the company, effective September 1. 2, following about 16 months in the role. Mr. Wyshner, who has a record of managing asset sales, liquidation and subsidiaries at companies including Wyndham Hotels & Resorts company
and Avis Budget Group company ,
She joined XPO in 2020 following announcing that it would conduct a strategic review of its business and was considering selling four of its five business units.
In December, the company said it would divide its contract logistics division, which manages warehouses for big corporate customers including Apple. company ,
and Nike company ,
while retaining the rest of its business.
one of mr. Wyshner’s tasks at XPO Logistics — setting up the sub-view for its Contract Logistics unit — are scheduled to be completed on Monday. The company, called GXO Logistics Inc., is expected to start , trading on the New York Stock Exchange on the alike day following approval by the Board of Directors earlier this week. In April, GXO appointed Paris Oran as its chief financial officer.
Meanwhile, said Mr. Wyshner is moving to Kyndryl, an self-reliant company that will be created following spinning off International Business Machine Corp’s managed infrastructure services business at the end of the year, according to a press release. Mr. Wyshner will become its chief financial officer.
The XPO subsidiary will narrow its focus on transportation, as the company is among the largest truck drivers in the United States, and XPO also has a big freight brokerage.
Shipping demand in the US has surged this year as the economy picks up pace, driving up product orders from retailers and other businesses. Crowded ports and a shortage of trucks and drivers have driven up prices, benefiting companies like XPO.
On Wednesday, the company reported revenue of $5.04 billion for the second quarter, up from $3.50 billion a year ago, and the highest quarterly revenue since 2011. Net income attributable to common shareholders rose to $156 million, rebounding from a net loss of $132. million in the alike period final year.
XPO declined to comment following its release.
– Kristen Broughton and Jennifer Smith contributed to this article.
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