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NEW YORK - QXO, Inc. (NYSE:QXO), the largest publicly traded distributor of roofing and building products in the United States and currently valued at $14.8 billion in market capitalization, announced Thursday the appointment of Eric Nelson as chief information officer, effective July 14.
Nelson joins QXO after a decade at The Kraft Heinz Company, where he held various senior technology positions. Most recently, he led global IT strategy for corporate functions including supply chain, research and development, and finance at Kraft Heinz.
During his tenure at Kraft Heinz, Nelson also served as CIO of North America operations and global head of analytics, where he developed data and machine learning operations, scaled digital product development, and led cloud migrations.
His previous experience includes technology and operational leadership roles at Kraft and its spin-off, Kraft Foods Group, where he was responsible for supply planning, transportation, manufacturing, and procurement. Earlier in his career, Nelson led continuous improvement efforts at Cadbury plc.
Nelson holds a bachelor’s degree in information systems technology from Southern Illinois University and a Lean Six Sigma Black Belt certification from Villanova University.
QXO Chairman and CEO Brad Jacobs said Nelson "brings a rare blend of technical acumen and business insight to QXO."
QXO describes itself as targeting $50 billion in annual revenues within the next decade through acquisitions and organic growth.
The information in this article is based on a company press release statement.
In other recent news, QXO Inc. has announced a $2 billion common stock offering, which includes an option for underwriters to purchase an additional $300 million in shares. The company plans to use the proceeds from this offering for general corporate purposes, such as funding future acquisitions. Goldman Sachs, Morgan Stanley, and Wells Fargo Securities are acting as underwriters for the offering. This move follows QXO’s strategy to expand its reach within the building products distribution sector. Truist Securities has initiated coverage on QXO with a Buy rating, citing the company’s consolidation strategy and its potential to significantly increase sales. William Blair also began coverage with an outperform rating, highlighting QXO’s acquisition strategy and potential to become a major player in the industry. The firm anticipates that QXO could reach $50 billion in revenue within the next decade. Both firms emphasize the role of CEO Brad Jacobs in driving QXO’s growth through strategic acquisitions.
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