Dive Brief:
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Logistics and transportation provider XPO Logistics Inc. announced Monday its appointment of new CFO David Wyshner, who will step into the new role on March 2. Wyshner most recently served as CFO and senior advisor of Wyndham Hotels & Resorts Inc.
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The announcement came amid the logistics company’s exploration of the potential sale or spinoff of one or more of its business units, The Wall Street Journal reported.
- On the same day as the CFO announcement, XPO also shared the results of its fourth quarter, which stated a revenue of $4.1 billion, compared with $4.4 billion for the same period in 2018.
Dive Insight:
At XPO, Wyshner replaces Sarah Glickman, who had been acting CFO since August 2018. Glickman will stay with the company, stepping into a new role as senior vice president of corporate finance and transformation.
Last month, XPO announced plans to study "strategic alternatives" for its business divisions, including the bulk of its regional transportation and supply-chain units. The announcement included a claim that XPO’s main trucking business would not be affected by the reviews.
In its Monday release, XPO commented on its progress on the strategic alternatives front. "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.
XPO suffered in 2019 from "a decline in freight brokerage, truck brokerage and unfavorable foreign exchange rates," with a reported total revenue of $16.65 billion last year, compared with $17.28 billion in 2018, the Journal reported. A unit sale would mark a "significant change" in XPO’s strategy, The Journal said, "which in the past has centered around frequent acquisitions to grow the business."
Wyshner, who holds an MBA from The Wharton School, began his career as an investment banking analyst at Merrill Lynch, eventually becoming the bank’s vice president of investment banking.
Representatives for XPO and for Wyshner did not respond to repeated requests for comment.
