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General Dynamics CFO Jason Aiken resigned from XPO’s board last week to join the company’s billionaire founder and executive chairman, Brad Jacobs, on the board of Jacobs’ latest startup, QXO.
Aiken let it go XPO council effective Thursday, according to the securities filing. It was in between six inaugural board members and eight company heads was announced by QXO, a building products distributor, on the same day.
“I have known these leaders for many years and have great confidence in their ability to transform QXO into a technology leader in building products distribution,” Jacobs said in the release. “We have a world-class executive team that pursues shareholder value right out of the gate!”
Four of QXO’s six board members are current or former XPO leaders, as Jacobs and Aiken join XPO CEO Mario Harik and Allison Landry, vice president of XPO’s plank. Harrick and Landry will continue in their current roles with XPO.
The other two members are Marlene Colucci, vice chair of the GXO board, who has served as CEO of The Business Council in Washington, DC since 2013, and Mary Kissel, EVP and senior policy advisor at Stephens, who previously worked as a consultant to the State Department. and a member of the editorial board of the Wall Street Journal.
XPO alumni are not limited to the QXO board. Eight of the startup’s 10 members senior leadership team have previously worked with Jacobs at the Greenwich, Connecticut-based LTL company.
Jacobs launched QXO with the acquisition of SilverSun Technologies and completed a $1 billion equity investment, $900 million from Jacobs Private Equity II LLC, according to a QXO version.
The distribution of products for construction and contracting companies is a lucrative industry that has also attracted high-profile M&A investments from the two biggest names in home improvement.
Home Depot agreed to acquisition of International Designs Groupa platform company that owns and operates Construction Resources and other design-oriented subsidiaries for an undisclosed price in November.
Lowe’s Companies has also made a sizable investment in Lowe’s Pro offerings $512 million acquisition of Maintenance Supply Headquarters in 2017;.