XPO’s CFO Carl Anderson Departs – C-suite Transitions

It is sometimes amazing to see how different companies operating in the same industry can have polar opposite outcomes. Among the various missed opportunities I sometimes reminisce about is the trucking company J.B. Hunt (JBHT), which has done very well during the two decades since I first came across the company. While I didn’t invest in J.B. Hunt, I am equally glad I avoided the leveraged Yellow Corporation (YELL), which has been a slow motion wreck that appears to be on its last tires. J.B. Hunt is now a $21 billion company and Yellow has a market cap of just $54 million.

With Yellow once again flirting with bankruptcy, the company limited pick-ups at all its terminals, giving other less-than-truckload (LTL) freight companies a boost in their stock price this week. One such beneficiary of Yellow’s actions, XPO, is the subject of our article today. XPO, which at at one point went on a binge of acquisitions to become a logistics company that provided various services, has recently scaled back through divestitures and spinoffs to become a pure play LTL company.

Welcome to edition 51 of C-Suite Transitions, a weekly series on InsideArbitrage that tracks appointments and departures at publicly traded companies during the prior week. We highlight five appointments and departures each week by picking the largest companies from the full list of management changes.

Sudden Departures

1. XXII: On July 21, 2023, 22nd Century Group’s Chief Executive Officer James A. Mish notified the company that he was resigning for personal reasons effective August 1, 2023. He will continue to serve as a member of the Board of Directors.
2. AA: On July 20, 2023, Alcoa’s Chief Commercial Officer Kelly R. Thomas voluntarily resigned from the company, effective August 1, 2023.
3. ADMP:  On July 18, 2023, Adamis Pharmaceuticals’ Chief Financial Officer David C. Benedicto tendered his resignation effective July 21, 2023.

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