Brad Jacobs (entrepreneur)

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Brad Jacobs
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Born (1956-08-03) August 3, 1956 (age 67)
Providence, Rhode Island, U.S.
EducationNorthfield Mount Hermon School
Alma mater
  • Bennington College
  • Brown University
OccupationBusinessman
Known for
  • XPO Logistics
  • United Rentals

Bradley "Brad" Jacobs (born August 3, 1956 in Providence, Rhode Island) is an American businessman.[1][2] He is executive chairman of XPO Logistics, Inc.,[3][4] non-executive chairman of GXO Logistics,[5] non-executive chairman of RXO,[6] and managing director of Jacobs Private Equity, LLC.[7][8]

Early life and education

Jacobs was born in Providence, Rhode Island. He attended Northfield Mount Hermon School, Bennington College and Brown University.[9]

Career

Jacobs has created seven billion-dollar or multi-billion-dollar corporations, including five publicly traded corporations: XPO Logistics and its spin-offs, GXO Logistics in 2021 and RXO in 2022; United Rentals; and United Waste Systems.[5][10][11]

Over the course of his career, Jacobs has led teams that completed approximately 500 acquisitions and 250 greenfield openings.[12][13] He has raised more than $25 billion in debt and equity capital financing, including two IPOs.[14][15] As of September 2022, Jacobs had a net worth of $3.7 billion as estimated by Forbes.[16]

Amerex Oil Associates, Inc.

Seeing the large profits being made in oil trading, Jacobs cold-called his way into the industry securing Ludwig Jesselson, head of Philipp Brothers, as his mentor.[17][18] In 1979, Jacobs co-founded Amerex Oil Associates Inc., an oil brokerage firm.[19] He served as Amerex's chief executive officer until the firm was sold in 1983.[8] Amerex was one of the largest oil brokerage firms in the world when it was sold in 1983, with annual gross contract volume of $4.7 billion .[20]

Hamilton Resources Ltd.

In 1984, Jacobs moved to London and founded Hamilton Resources Ltd., an oil trading company.[9] In founding the company, Jacobs had used the bulk of his savings and a $1 billion line of credit from Banque Paribas.[19]

United Waste Systems, Inc.

In 1989, Jacobs founded United Waste Systems in Greenwich, Connecticut, and began consolidating small garbage collectors that had overlapping routes in rural areas. Jacobs served as chairman and chief executive officer, and in 1992 he took the company public.[21][22] In August 1997, after the company had made more than 200 acquisitions,[13] Jacobs sold United Waste Systems to USA Waste Services Inc. (now Waste Management, Inc.) for $2.5 billion.[23][24] At the time of sale, its stock had outperformed the S&P 500 Index by 5.6 times since its IPO.[25]

United Rentals, Inc.

In September 1997, Jacobs formed United Rentals, serving as the new company's chairman and chief executive officer.[21] He took the company public three months later on the New York Stock Exchange with the ticker symbol URI.[26] Jacobs grew United Rentals through a strategy of consolidating equipment rental dealers in North America.[27] In the 10 years that Jacobs led the company (1997-2007), the company completed more than 250 acquisitions and its stock outperformed the S&P 500 Index by 2.2 times.[28][29][25]

XPO Logistics, Inc.

In 2011, Jacobs invested approximately $150 million in Express-1 Expedited Solutions, a third-party provider of transportation and logistics services that traded at the time on the American Stock Exchange as XPO.[19] He assumed the roles of chairman of the board and chief executive officer,[30][31] gained ownership of approximately 71 percent of the company,[13] and renamed it XPO Logistics.[32] Jacobs listed the company on the New York Stock Exchange, retaining the ticker Ticker symbol|symbol XPO.[33]

In February 2012, Jacobs announced plans to grow XPO's revenue from $175 million to $5 billion within five years through M&A.[34] By the end of 2016, he had turned XPO into a $15 billion global company.[35] XPO reported revenue of $16.3 billion in 2020.[36]

Jacobs was ranked the Best CEO in Transportation in Institutional Investor's 2022 All-America Executive Team awards.[37] In 2018, he was ranked 10th on Barron's list of the World's Best CEOs,[38] 7th on Glassdoor's Top CEOs of 2018 list in France,[39] and 20th on Glassdoor's Top CEOs in the UK.[40]

In December 2020, Jacobs announced plans to spin off XPO's logistics segment as GXO Logistics, creating two, independent companies: XPO as a provider of freight transportation services and GXO as the world's largest pure-play provider of contract logistics services.[41] The spin-off was completed in August 2021. Jacobs became non-executive chairman of GXO's board of directors and remained chairman and CEO of XPO.[42]

In March 2022, XPO announced plans to spin off its brokerage and other services segment as RXO, creating two independent companies: XPO as a provider of less-than-truckload transportation services and RXO as the fourth largest broker of full truckload transportation services in the United States. The spin-off was completed in November 2022. Jacobs became non-executive chairman of RXO's board of directors.[6][43][44]

In August 2022, Jacobs announced plans to step aside as CEO of XPO Logistics, but remain executive chairman. He explained, "Every decade or so, I reinvent myself and find another industry to create outsize shareholder value, and XPO is set up for long-term success. When the time comes to focus on the next big thing, there will be no shortage of opportunities to create massive shareholder value.”[45]

Personal life

Jacobs and his wife live in Greenwich, Connecticut.[17]

References

  1. ↑ Black, Thomas (October 17, 2022). "Brad Jacobs Is on the Hunt. Investors Should Pay Attention". Bloomberg. Retrieved December 19, 2022.{{cite web}}: CS1 maint: url-status (link)
  2. ↑ Lublin, Joann (November 27, 2022). "XPO's Billionaire Chairman Brad Jacobs Is Hunting for His Next Big Deal". TIME. Retrieved December 19, 2022.{{cite web}}: CS1 maint: url-status (link)
  3. ↑ Walker, Karen (October 5, 2022). "Brad Jacobs: A Playbook For Creating Massive Shareholder Value". Forbes. Retrieved October 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  4. ↑ Wahba, Phil (July 8, 2022). "XPO's CEO thinks self-driving trucks are coming—just not anytime soon". Fortune. Retrieved July 13, 2022.
  5. ↑ 5.0 5.1 Cassidy, William (September 3, 2021). "After 10 years, XPO still surprises". William B. Cassidy (JOC). Archived from the original on September 3, 2021. Retrieved September 9, 2021.
  6. ↑ 6.0 6.1 O'Neal, Lydia (March 8, 2022). "XPO Logistics to Spin Off Freight Brokerage, Exit Intermodal and Europe Business". Wall Street Journal. Retrieved August 3, 2022.{{cite web}}: CS1 maint: url-status (link)
  7. ↑ Cassidy, William (October 13, 2022). "Next Big Thing". Retrieved October 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  8. ↑ 8.0 8.1 "Jacobs Private Equity, LLC". Jacobs Private Equity. Retrieved August 20, 2016.
  9. ↑ 9.0 9.1 "Near Misses". Forbes. October 11, 1999. Retrieved November 11, 2011.
  10. ↑ "Bradley Jacobs: The maestro of mergers". Forbes India. Retrieved 2019-07-22.
  11. ↑ "Where Will XPO Logistics Be In 1 Year?". The Motley Fool. Retrieved 2019-07-22.
  12. ↑ Smith, Jennifer. "Bradley Jacobs Has Acquired More Than 500 Companies. Here's What He Has Learned". Forbes. Retrieved 2019-07-01.
  13. ↑ 13.0 13.1 13.2 Zimmerman, Kevin (2017-11-17). "XPO Logistics: Fast growth through acquisitions and management style". Westfair Communications. Retrieved 2017-12-27.
  14. ↑ "Brad Jacobs". FreightWaves. Retrieved December 19, 2022.{{cite web}}: CS1 maint: url-status (link)
  15. ↑ "Brad Jacobs". Business Roundtable. Retrieved December 19, 2022.{{cite web}}: CS1 maint: url-status (link)
  16. ↑ "Brad Jacobs". Fortune. Archived from the original on September 14, 2021. Retrieved August 26, 2021. {{cite web}}: |archive-date= / |archive-url= timestamp mismatch (help)
  17. ↑ 17.0 17.1 Gara, Antoine (April 10, 2018). "Better Than Amazon? How Bradley Jacobs Turned A $63M Bet Into A $12 Billion Transportation Empire". Forbes (magazine). Retrieved 2018-07-01. He read up on oil brokers and then cold-called his way into the business, enlisting the legendary Ludwig Jesselson, head of commodity house Phillip Brothers, as a mentor.
  18. ↑ "An Acquiring Mind". Inbound Logistics. October 2015. My mentor, Ludwig Jesselson (a longtime commodity trader and philanthropist), once told me that if you genuinely enjoy solving problems, then you should choose business as a profession
  19. ↑ 19.0 19.1 19.2 "June 4, 2005 Entrepreneur tells of unknown future". StamfordAdvocate. May 10, 2011. Retrieved November 11, 2011.
  20. ↑ Nichols, Brian (October 27, 2011). "XPO Logistics' Gains Just Getting Started As Acquisitions Begin". Seeking Alpha. Retrieved December 19, 2022.{{cite web}}: CS1 maint: url-status (link)
  21. ↑ 21.0 21.1 "United Rentals, Inc. – Company History". Fundinguniverse.com. Retrieved November 11, 2011.
  22. ↑ "October 1, 2003 United Rentals CEO Steps Down". StamfordAdvocate. May 10, 2011. Retrieved November 11, 2011.
  23. ↑ Silvia Sansoni (April 8, 1996). "The earth mover". Forbes. Retrieved November 11, 2011.
  24. ↑ "The big bet of Brad Jacobs". DCVelocity. January 9, 2012. Retrieved May 12, 2016.
  25. ↑ 25.0 25.1 West, Andy (November 8, 2022). "XPO's Brad Jacobs on building businesses through M&A". McKinsey & Company. Retrieved December 19, 2022.{{cite web}}: CS1 maint: url-status (link)
  26. ↑ "United Rentals Makes Offer For Acquisition-Minded Rival – New York Times". The New York Times. April 6, 1999. Retrieved November 11, 2011.
  27. ↑ Lipin, Steven (June 17, 1998). "United Rentals Business Bores Everyone Except Shareholders". Wall Street Journal. Retrieved May 22, 2020.
  28. ↑ "Jacobs, Hoxie and Plugge to be Inducted in Rental Hall of Fame". Rermag.com. October 31, 2008. Retrieved November 11, 2011.
  29. ↑ "Chief Executive Plans to Leave United Rentals – New York Times". The New York Times. September 30, 2003. Retrieved November 11, 2011.
  30. ↑ "The big bet of Brad Jacobs". dcvelocity.com. January 9, 2012. Retrieved June 6, 2012.
  31. ↑ A. Ananthalakshmi (October 6, 2011). "DealTalk: Brad Jacobs: a U.S. transport serial acquirer". Reuters. Archived from the original on November 9, 2011. Retrieved November 11, 2011.
  32. ↑ Jones, Del. "XPO Logistics CEO Brad Jacobs Centers His Strategy Around Tech". Forbes. Retrieved 2019-07-01.
  33. ↑ "Jacobs has big plans for Express-1 expediter". greenwichtime.com. February 7, 2012.
  34. ↑ Black, Thomas (October 2, 2017). "With His Stock Up 330%, a Serial Dealmaker Seeks Biggest Hit Yet". Bloomberg.
  35. ↑ "Keep on trucking: Greenwich's XPO Logistics sees no limit to growth". GreenwichTime. Retrieved 2017-10-19.
  36. ↑ "XPO Logistics Announces Fourth Quarter and Full Year 2020 Results". news.xpo.com. Retrieved February 15, 2021.
  37. ↑ "Institutional Investor Publishes 2022 All-America Executive Team Rankings". Globe Newswire. November 16, 2021. Archived from the original on November 16, 2021. Retrieved January 2, 2022.
  38. ↑ "The World's Best CEOs: Barron's Readers' Picks". Retrieved 2018-07-15.
  39. ↑ "Le Top Des PDG France". Glassdoor. Retrieved 2018-07-15.
  40. ↑ "Top CEOs UK". Glassdoor. Retrieved 2018-07-15.
  41. ↑ Pasetti, Alessandro & Gavin van Marle (May 8, 2021). "Against the odds: XPO & GXO Logistics – winning pinball with the sum of the parts". The Loadstar. Archived from the original on August 5, 2021. Retrieved September 9, 2021.
  42. ↑ "3 Things You Should Know About XPO Logistics' New Spinoff". seattlecommunitymedia.org. Retrieved 2021-09-01.
  43. ↑ O'Neal, Lydia (May 9, 2022). "XPO Logistics Names CEO for New Freight Spinoff". Wall Street Journal. Retrieved August 3, 2022.{{cite web}}: CS1 maint: url-status (link)
  44. ↑ Northington, Laurie (June 9, 2022). "XPO Taps Yoav Amiel as Chief Information Officer for Spin-Off". Home Furnishings Business. Retrieved August 3, 2022.{{cite web}}: CS1 maint: url-status (link)
  45. ↑ Young, Liz (August 4, 2022). "Brad Jacobs Will Step Aside as CEO of XPO Logistics". Wall Street Journal. Retrieved August 8, 2022.{{cite web}}: CS1 maint: url-status (link)

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