Brad Jacobs (entrepreneur)
Brad Jacobs | |
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Born | Providence, Rhode Island, U.S. | August 3, 1956
Education | |
Occupation | Businessman |
Known for |
Bradley "Brad" Jacobs (born August 3, 1956 in Providence, Rhode Island) is an American businessman. He is chairman and chief executive officer of XPO Logistics, Inc.,[2][3][4][5] non-executive chairman of GXO Logistics,[6][7][8] and managing director of Jacobs Private Equity, LLC.[9]
Early life and education[]
Jacobs was born in Providence, Rhode Island. He attended Northfield Mount Hermon School, Bennington College and Brown University.[10]
Career[]
Jacobs has built five billion-dollar or multi-billion-dollar corporations from scratch, including three publicly traded corporations — United Waste Systems, United Rentals, XPO Logistics — whose share prices rose more than 1,000% after Jacobs took control.[11][12]
Over the course of his career, Jacobs has completed approximately 500 acquisitions and 250 greenfield openings, and raised more than $25 billion in debt and equity capital financing, including two IPOs.[13] Jacobs ranked 300 on the Forbes 400 list, with a net worth of $3.7 billion as of August 2021.[14]
Amerex Oil Associates, Inc.[]
In 1979, Jacobs co-founded Amerex Oil Associates Inc., an oil brokerage firm with offices in New Jersey, Houston, London, and Tokyo.[9][15][16] He served as Amerex's chief executive officer until the firm was sold in 1983. During that time, the company's annual gross contract volume had grown to approximately $4.7 billion.[9]
Hamilton Resources Ltd.[]
In 1984, Jacobs moved to London and founded Hamilton Resources Ltd., an oil trading company.[10] In founding the company, Jacobs had used the bulk of his savings and a $1 billion line of credit from Banque Paribas.[16] He grew Hamilton to approximately $1 billion in annual revenue.[10]
United Waste Systems, Inc.[]
In 1989, Jacobs founded United Waste Systems in Greenwich, Connecticut, and began consolidating small garbage collectors that had overlapping routes in rural areas.[15] Jacobs served as chairman and chief executive officer,[17] and in 1992 he took the company public. In August 1997, after the company had made more than 200 acquisitions,[18] Jacobs sold United Waste Systems to USA Waste Services Inc. (now Waste Management, Inc.) for $2.5 billion.[16][19][20] When United Waste Systems was sold, it was the fifth-largest solid waste management company in North America, and its stock had outperformed the S&P 500 Index by 5.6 times since its IPO.[9][19][21]
United Rentals, Inc.[]
In September 1997, Jacobs formed United Rentals,[15][19] serving as the new company's chairman and chief executive officer. He took the company public three months later on the New York Stock Exchange with the ticker symbol URI.[22][23][15] Jacobs grew United Rentals through a strategy of consolidating equipment rental dealers in North America.[17][24][25] In the 10 years that Jacobs led the company (1997-2007), the company completed more than 250 acquisitions and its stock outperformed the S&P 500 Index by 2.2 times.[26][27][28] In 2007, Fortune magazine ranked United Rentals as the 536th largest public corporation in America, with $3.9 billion in revenue and 690 locations.[29][9]
XPO Logistics, Inc.[]
In 2011, Jacobs invested approximately $150 million in Express-1 Expedited Solutions, a third-party logistics and transportation service provider trading at the time on the American Stock Exchange as XPO.[16] He assumed the roles of chairman of the board and chief executive officer,[30][31] gained ownership of approximately 71 percent of the company,[18] and renamed it XPO Logistics.[32] Jacobs listed the company on the New York Stock Exchange, retaining the ticker symbol XPO.[33]
In February 2012, Jacobs announced plans to grow XPO's revenue from $175 million to $5 billion within five years through M&A.[34] By the end of 2016, he had turned XPO into a $15 billion global company.[35] XPO reported revenue of $16.3 billion in 2020.[36]
Jacobs was ranked the Best CEO in Transportation in Institutional Investor's 2022 All-America Executive Team awards.[37] In 2018, he was ranked 10th on Barron's list of the World's Best CEOs[38] and listed 7th on Glassdoor's Top CEOs of 2018 list in France,[39] and 20th in the UK.[40]
In December 2020, Jacobs announced plans to spin off XPO's logistics segment as GXO Logistics, creating two, independent companies: XPO as a provider of freight transportation services and GXO as the world's largest pure-play provider of contract logistics services.[41] The spin-off was completed in August 2021. Jacobs became non-executive chairman of GXO's board of directors and remained chairman and CEO of XPO.[42]
Personal life[]
Jacobs and his wife currently reside in Greenwich, Connecticut.[10][43]
References[]
- ^ "Brad Jacobs". Fortune. July 16, 2021.
- ^ Susie Gharib (July 5, 2017). "How to Deal With Doubters, According to One Fortune 500 CEO". Fortune.
- ^ Josh Kosman (August 16, 2017). "Overstock looking to gain advantage with potential 2-day delivery". New York Post.
- ^ Ryan, Lidia (March 6, 2018). "16 Connecticut residents make Forbes 2018 list of billionaires". GreenwichTime. Retrieved March 6, 2018.
- ^ Jacobs, Brad (April 16, 2020). "XPO Logistics Releases Chairman's Letter to Stockholders". XPO.com. Retrieved December 9, 2020.
- ^ Stinson, Jim (July 30, 2021). "From sapling to pure-play LTL: The story of XPO Logistics under Jacobs". Transport Dive. Retrieved September 9, 2021.
- ^ Cassidy, William (September 3, 2021). "After 10 years, XPO still surprises". William B. Cassidy (JOC). Retrieved September 9, 2021.
- ^ Ian, Putzger (March 8, 2021). "XPO Logistics gears up for a divided future on record results for Q2". The Loadstar. Retrieved September 9, 2021.
- ^ a b c d e "Jacobs Private Equity, LLC". Jacobs Private Equity. Retrieved August 20, 2016.
- ^ a b c d "Near Misses". Forbes. October 11, 1999. Retrieved November 11, 2011.
- ^ "Bradley Jacobs: The maestro of mergers". Forbes India. Retrieved July 22, 2019.
- ^ "Where Will XPO Logistics Be In 1 Year?". The Motley Fool. Retrieved July 22, 2019.
- ^ Smith, Jennifer. "Bradley Jacobs Has Acquired More Than 500 Companies. Here's What He Has Learned". Forbes. Retrieved July 1, 2019.
- ^ "Brad Jacobs". Fortune. Retrieved August 26, 2021.
- ^ a b c d "United Rentals, Inc. – Company History". Fundinguniverse.com. Retrieved November 11, 2011.
- ^ a b c d "June 4, 2005 Entrepreneur tells of unknown future". StamfordAdvocate. May 10, 2011. Retrieved November 11, 2011.
- ^ a b "October 1, 2003 United Rentals CEO Steps Down". StamfordAdvocate. May 10, 2011. Retrieved November 11, 2011.
- ^ a b Zimmerman, Kevin (November 17, 2017). "XPO Logistics: Fast growth through acquisitions and management style". Westfair Communications. Retrieved December 27, 2017.
- ^ a b c Silvia Sansoni (April 8, 1996). "The earth mover". Forbes. Retrieved November 11, 2011.
- ^ "The big bet of Brad Jacobs". DCVelocity. January 9, 2012. Retrieved May 12, 2016.
- ^ "Jacobs Private Equity". jpe.com. Retrieved July 22, 2019.
- ^ Lipin, Steven (June 17, 1998). "United Rentals Business Bores Everyone Except Shareholders". Wall Street Journal. Retrieved May 22, 2020.
- ^ "United Rentals Makes Offer For Acquisition-Minded Rival – New York Times". The New York Times. April 6, 1999. Retrieved November 11, 2011.
- ^ Brandey Chewning Smith, RER (November 1, 2003). "United Rental CEO". Rermag.com. Retrieved November 11, 2011.
- ^ Wall Street Journal, June 17, 1998, “United Rentals Business Bores All but Holders”
- ^ Christine Coleman. "Hoxie, Jacobs and Plugge join the Rental Hall of Fame". rermag.com. Retrieved November 11, 2011.
- ^ "Jacobs, Hoxie and Plugge to be Inducted in Rental Hall of Fame". Rermag.com. October 31, 2008. Retrieved November 11, 2011.
- ^ "Chief Executive Plans to Leave United Rentals – New York Times". The New York Times. September 30, 2003. Retrieved November 11, 2011.
- ^ "FORTUNE 500 2007: United Rentals". CNN. Retrieved November 11, 2011.
- ^ "The big bet of Brad Jacobs". dcvelocity.com. January 9, 2012. Retrieved June 6, 2012.
- ^ A. Ananthalakshmi (October 6, 2011). "DealTalk: Brad Jacobs: a U.S. transport serial acquirer". Reuters. Archived from the original on November 9, 2011. Retrieved November 11, 2011.
- ^ Jones, Del. "XPO Logistics CEO Brad Jacobs Centers His Strategy Around Tech". Forbes. Retrieved July 1, 2019.
- ^ "Jacobs has big plans for Express-1 expediter". greenwichtime.com. February 7, 2012.
- ^ Black, Thomas (October 2, 2017). "With His Stock Up 330%, a Serial Dealmaker Seeks Biggest Hit Yet". Bloomberg.
- ^ "Keep on trucking: Greenwich's XPO Logistics sees no limit to growth". GreenwichTime. Retrieved October 19, 2017.
- ^ "XPO Logistics Announces Fourth Quarter and Full Year 2020 Results". news.xpo.com. Retrieved February 15, 2021.
- ^ "Institutional Investor Publishes 2022 All-America Executive Team Rankings". Globe Newswire. November 16, 2021. Retrieved January 2, 2022.
- ^ "The World's Best CEOs: Barron's Readers' Picks". Retrieved July 15, 2018.
- ^ "Le Top Des PDG France". Glassdoor. Retrieved July 15, 2018.
- ^ "Top CEOs UK". Glassdoor. Retrieved July 15, 2018.
- ^ Pasetti, Alessandro & Gavin van Marle (May 8, 2021). "Against the odds: XPO & GXO Logistics – winning pinball with the sum of the parts". The Loadstar. Retrieved September 9, 2021.
- ^ "3 Things You Should Know About XPO Logistics' New Spinoff". seattlecommunitymedia.org. Retrieved September 1, 2021.
- ^ Gara, Antoine. "Better Than Amazon? How Bradley Jacobs Turned A $63M Bet Into A $12 Billion Transportation Empire". Forbes. Retrieved July 1, 2018.
- 20th-century American businesspeople
- 21st-century American businesspeople
- American billionaires
- American chief executives
- American trucking industry businesspeople
- Bennington College alumni
- Brown University alumni
- Businesspeople from Providence, Rhode Island
- Northfield Mount Hermon School alumni
- 1956 births
- Living people