XPO Appoints Michael Kneeland to Board

By Bobby Samwell • Monday, July 27 13:05 • Permanent Link

XPO appointed Michael Kneeland to its board of directors effective immediately, expanding the board to eight members from seven. Seven of the eight directors are now independent.

Kneeland is non-executive chairman of United Rentals, chairman of Gildan Activewear, and a director of GXO Logistics. At United Rentals, he joined in 1998, served as chief executive officer from 2007 to 2019, and also spent 10 of those years as president before becoming chairman in 2019.

XPO said Kneeland and his teams have created more than $60 billion in shareholder value over his career. The company did not announce any change to its operating metrics in the release, but it did restate its scale: it moves 16 billion pounds of freight a year, serves 55,000 customers, operates 594 locations, and employs 37,000 people across North America and Europe. The market has reacted to these announcements by moving the company's shares -0.54% to a price of $213.01. If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.