Ahead of massive spinoff, XPO Logistics names third CFO in 2 years

Dive Brief:

XPO Logistics deputy CFO Ravi Tulsyan is succeeding David Wyshner, who has been CFO for just over a year, the company announced along with its quarterly earnings Wednesday.
The move comes at a busy time for the logistics giant; on Monday, it’s spinning off its contract logistics business, which generates more than a third of its revenue, to give more focus to its transportation business.
Wyshner, in September, will leave the Greenwich, Conn.-based company in a strong position; it reported second-quarter revenue of more than $5 billion, its highest in a decade, and up from $3.5 billion in the second quarter of 2020.

Dive Insight:

Tulsyan joined XPO as its treasurer in 2016; he became deputy CFO in February. Prior to XPO, he held finance leadership roles at ADT Inc., Tyco International, PepsiCo and Xerox.

Wyshner joined XPO from Wyndham Hotels & Resorts in February 2020. Just prior to his hire, XPO announced plans to study "strategic alternatives" for its business divisions, including the bulk of its regional transportation and supply-chain units. It also shared plans for a series of spinoffs.

"The company has not determined which, if any, business units will be sold or spun off. However, the company does not intend to sell or spin off its North American less-than-truckload unit," XPO wrote in the announcement of Wyshner’s hire.

While CFO, Wyshner readied XPO to spin off its contract logistics unit, named GXO Logistics, which is set to finalize and begin trading on the New York Stock Exchange on Monday.

In April, XPO named company newcomer Baris Oran CFO of GXO, before the spinoff was finalized.

"I’ve been involved in multiple successful IPOs that helped crystalize shareholder value," Oran told CFO Dive at the time. "From day one, GXO will be the second-largest contract logistics company in the world, in a market that’s still largely untapped. One of our biggest priorities will be helping grow GXO’s market share. Right now, XPO’s logistics business has about 5% of a $130 billion market; we want to grow that after the spinoff."

Wyshner is leaving XPO for the CFO role at Kyndryl, an upcoming 90,000-person spin-off of IBM’s Global Technology Services business.