QXO appoints Walmart executive Michael DeWitt as chief procurement officer

NEW YORK - QXO, Inc. (NYSE:QXO), a $14.5 billion market cap company currently trading below its InvestingPro Fair Value, announced Monday the appointment of Michael DeWitt as chief procurement officer, effective immediately. DeWitt will lead the company’s procurement transformation efforts as it expands in the building products distribution industry.

DeWitt joins QXO after serving eight years as vice president of international spend management at Walmart International, where he managed $10 billion in purchasing across 18 countries. His career spans nearly three decades of procurement experience across multiple industries.

At Walmart, DeWitt implemented advanced procurement technologies, including AI-powered sourcing tools, which reportedly doubled annual savings over a three-year period. Prior to Walmart, he served as chief procurement officer at Highmark Health, managing $8 billion in spending across five business lines.

His earlier career included senior sourcing leadership positions at Bayer, MEDRAD, and Hewlett Packard. DeWitt began his career in logistics and inventory management with the U.S. Air Force.

"Michael has redefined what best-in-class procurement looks like," said Brad Jacobs, chairman and chief executive officer of QXO, in a press release statement. "He’s driven billions in savings, pioneered the use of AI in sourcing and built global teams that outperform."

QXO describes itself as the largest publicly traded distributor of roofing, waterproofing and complementary building products in the United States. The company aims to expand within the building products distribution sector through acquisitions and organic growth. With a robust current ratio of 95.23 and analysts forecasting 126.9% revenue growth for FY2025, QXO shows strong financial positioning for its expansion plans. InvestingPro analysis reveals 12 additional key insights about QXO’s growth potential and market position.

In other recent news, QXO Inc. announced a $2 billion common stock offering, priced at $22.25 per share. The offering is part of the company’s strategy to fund future acquisitions, with Goldman Sachs, Morgan Stanley, and Wells Fargo Securities acting as underwriters. QXO has been receiving attention from several investment firms; RBC Capital initiated coverage with an Outperform rating, highlighting the company’s potential for growth through mergers and acquisitions. Citi also initiated a Buy rating, noting the potential for a 30% sales growth rate from 2026-2030, driven by consolidation in the building products distribution market. Truist Securities echoed this sentiment with a Buy rating, citing the company’s consolidation strategy and growth goals. Additionally, QXO appointed Eric Nelson, a veteran from The Kraft Heinz Company, as the new chief information officer, bringing extensive experience in technology and operational leadership. These developments indicate QXO’s focus on strategic growth and innovation within the industry.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.