GXO Logistics CEO Malcolm Wilson will retire next year after leading the company since 2021, GXO announced Tuesday.
Wilson informed GXO’s board of directors that he plans to retire in 2025 but will continue to lead the company during the search for his successor, according to a news release.
“My time at GXO has been the highlight of my three decades in logistics,” Wilson said in a statement. “We have an outstanding organization that embraces new technologies, keeping us at the forefront of the industry.
Greenwich, Connecticut-based GXO Logistics (NYSE: GXO) is one of the largest pure-play contract logistics providers in the world. It has more than 970 facilities totaling approximately 200 million square feet, with a global workforce of more than 130,000 people.
Wilson was named CEO in August 2021. GXO was formed when XPO Logistics Inc. (NYSE: XPO) spun off its logistics business into a separate, publicly traded entity. The newly created company was composed of XPO’s North American and European logistics units.
According to Bloomberg, GXO’s board turned down several acquisition offers after exploring sale options in recent months. GXO’s shares fell almost 12% after regular trading in New York on Tuesday.
Prior to becoming CEO of GXO Logistics, Wilson was XPO’s CEO for Europe.
During Wilson’s tenure, GXO acquired Clipper Logistics and Wincanton; increased the company’s revenue from $7.9 billion to $11 billion; increased adjusted earnings before interest, taxes, depreciation and amortization from $633 million to $757 million; and achieved a return on invested capital of more than 30% per year.
Since the beginning of 2024, GXO has laid off 902 employees across the U.S. amid a soft global freight market.
GXO’s global customers include Gymshark, LG Corp., L’Oreal and Zalando. The company recently expanded its partnership with Zalando and opened the largest outsourced e-commerce warehouse in France.
Brad Jacobs, chairman of the GXO board of directors, said Wilson’s contributions to GXO and XPO span nearly a decade.
“Under his leadership, GXO has added more than $3 billion of revenue,” Jacobs said in a statement. “Our incoming CEO will inherit a best-in-class management team and strong industry positioning, while Malcolm will embark on a well-deserved retirement. I fully support this decision and wish him all the best.”