XPO CEO Brad Jacobs to become executive chairman with new 5-year employment agreement

XPO, Inc.

Brad Jacobs transitions from CEO to executive chairman of XPO in connection with planned spin-off.
New 5-year employment agreement with $600,000 base salary and target annual bonus of 150% of salary.
Long-term incentive compensation target of $5,000,000 per year.
Post-termination non-compete payment equal to 1x base salary plus target bonus annually for up to 4 years.
Restrictive covenants include non-competition for 3 years (extendable by 12 months) and non-solicitation for 2 years.

item 5.02

Executive movements

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Role change

Bradley S. Jacobs

Executive Chairman

XPO · XPO, Inc.

Filed: September 13, 2022, 7:59 PM ET

Mr. Bradley S. Jacobs, the chairman and chief executive officer of the Company, will become the executive chairman of the Company’s board of directors (the “Board”) and cease to serve as the Company’s chief executive officer.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Bradley S. Jacobs changed role as Executive Chairman at XPO, Inc..

Action: become executive chairman
Role: Executive Chairman

Exact text from the filing

Mr. Bradley S. Jacobs, the chairman and chief executive officer of the Company, will become the executive chairman of the Company’s board of directors (the “Board”) and cease to serve as the Company’s chief executive officer.

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XPO, Inc. filing history →

Source: SEC EDGAR

accession 0000950142-22-002706

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