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XPO Logistics announced Mark Manduca will become chief investment officer of its planned spinoff business, GXO Logistics.
Manduca will be responsible for analysis of growth opportunities, optimization of the asset portfolio and oversight of U.K. pension investments, XPO said in an April 19 statement. But before he joins GXO, he will become chief investment officer of the logistics segment at XPO starting in May.
“Mark is a top-ranked analyst who received the most votes across all sectors and regions in the 2020 European Institutional Investor survey,” XPO Logistics CEO Brad Jacobs said in a statement. “He also has the roll-up-your-sleeves mentality we look for in our executives. We’re very pleased to have him on board as our spinoff plan progresses.”
Manduca will play a key role in ensuring that GXO’s investment case reaches a global audience. He most recently worked at Citigroup in London, where he was managing director in equity research and led transport research activities. Over his career he has served in leadership roles from transport research teams to investment banks, including Bank of America Merrill Lynch.
He started his career as a buy side equity analyst with global asset management firm Insight Investment.
XPO expects to spin off its logistics business as a separate publicly traded company in the second half of the year. Those operations currently include approximately 890 locations in 27 countries. But the hope is that as a stand-alone company it will take advantage of new growth opportunities such as e-commerce expansion, logistics automation and supply chain outsourcing.
GXO Logistics Timeline
• December 2020: XPO announces it will spin off its logistics business and name the company GXO Logistics.
• Jan. 12, 2021: Malcom Wilson named CEO of GXO.
• April 6, 2021: Baris Oran named chief financial officer.
• April 19, 2021: Mark Manduca named chief investment officer.
XPO announced in December its plans to spin off its logistics segment and create two companies focused separately on transportation and logistics. GXO will be, according to company, the second-largest contract logistics provider in the world.
XPO will remain a global provider of less-than-truckload freight transportation and truck brokerage after the separation.
Usage of the new name, logo and other brand assets will become effective upon completion of the spinoff.
XPO ranks No. 2 on the Transport Topics Top 50 list of the largest logistics companies in North America.
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