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Brad Jacobs (born August 3, 1956) is chairman and CEO of QXO, Inc.[1][2] In addition, he is executive chairman of XPO, Inc.,[3][4] and non-executive chairman of RXO, Inc. and GXO Logistics[5] both of which are spin-off companies from XPO, Inc..
Brad Jacobs | |
|---|---|
| Born | August 3, 1956 Providence, Rhode Island, U.S. |
| Education | Northfield Mount Hermon School |
| Alma mater | Bennington College Brown University |
| Occupation | Businessman |
| Known for | |
Jacobs was born in Providence, Rhode Island, the son of Charlotte Sybil (née Bander) and Albert Jordan Jacobs.[6][7] His father was a fashion jewelry importer.[7] He graduated from Northfield Mount Hermon School and then went on to attend Bennington College and Brown University and studied math and music; however, he dropped out in 1976.[8][9]
Jacobs has created eight corporations, six of which are publicly traded: QXO (2024); XPO, Inc. (2011) and its spin-offs, GXO Logistics (2021) and RXO (2022); United Rentals, Inc. (1997); and United Waste Systems, Inc., now Waste Management, Inc. (1989).[10]
In 1979,[11] Jacobs co-founded Amerex Oil Associates, Inc., an oil brokerage firm.[12] Jacobs was the company's CEO until it was sold in 1983.[13][14] In 1984, Jacobs moved to London and founded Hamilton Resources, Ltd., where he conducted oil trading deals.[14] Jacobs has frequently recognized Ludwig Jesselson as an influential mentor.[15][16]
In 1989, Jacobs founded United Waste Systems in Greenwich, Connecticut, and began consolidating small waste collection companies that had overlapping routes in rural areas. Jacobs was chairman and chief executive officer, and in 1992 he took the company public.[17][18] Jacobs sold United Waste Systems to USA Waste Services, Inc. for $2.5 billion in August 1997.[13]
In September 1997, Jacobs formed United Rentals, and became the new company's chairman and chief executive officer.[19] During late 1997 and early 1998, Jacobs grew the company through a strategy of consolidating equipment rental dealers in North America.[20][21] He took the company public in December 1997 on the New York Stock Exchange.[15]
In 2010, he established Jacobs Private Equity LLC to invest in a single company.[22][23][24]
In 2011, Jacobs invested approximately $150 million in XPO, Inc. (then named Express-1 Expedited Solutions), a transportation and third-party logistics provider.[23][25] He became chairman of the board[26][5] and CEO[27][28] and gained ownership of approximately 71 percent of the company.[29] The company was later listed on the New York Stock Exchange under the ticker symbol XPO, Inc.[30] In August 2021, XPO, Inc. completed its spin-off of GXO Logistics, and Jacobs became non-executive chairman of GXO's board of directors.[31][32][33] In August 2022, Jacobs announced plans to step aside as CEO of XPO, Inc. but remain executive chairman.[34][5] In November 2022, XPO, Inc. completed its spin-off of RXO, and Jacobs became RXO's non-executive chairman.[5] In 2023, he announced the upcoming release of his book How to Make a Few Billion Dollars.[35]
In June 2024, Jacobs founded QXO with the intention to consolidate the $800 billion building products distribution industry.[36] With the launch, he raised more than $5 billion of equity,[37][38] including what Bloomberg called the largest equity offering ever in the building products sector and private investment in public equity for industrials.[38]
Bibliography
- How to Make a Few Billion Dollars. Austin: Greenleaf Book Group Press, 2024. ISBN 979-8886451740[39]
Jacobs and his wife live in Greenwich, Connecticut.[15] Jacobs is an art collector with works by Picasso, de Kooning, Calder, Lichtenstein and others.[15]
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