RXO has begun public trading on the New York Stock Exchange, completing its spinoff as an independent company from mega carrier XPO Logistics. RXO is the former tech-enabled brokered transportation platform of XPO, which is No. 9 on the FleetOwner 500: For-Hire list.
RXO becomes the fourth largest full truckload broker in the U.S., according to a company press release. RXO’s leadership team and board members celebrated the launch by ringing the New York Stock Exchange’s Opening Bell.
“Today is a landmark moment for our business," CEO Drew Wilkerson of RXO said. "With the launch of RXO, we’ve established a standalone tech-enabled pure-play that will continue to thrive in any market. RXO is well-positioned to unlock value for our stakeholders.”
See also: XPO names another executive of RXO spinoff
RXO launches with approximately 7,400 employees. The company’s core tech-enabled truck brokerage business connects customers to approximately 100,000 independent carriers and more than 1.5 million trucks across North America. Shippers access capacity on-demand through the company’s proprietary RXO Connect digital brokerage platform, which incorporates machine learning and fully automates the brokerage process.
