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QXO announces $1B investment, new leadership team

QXO, Inc., formerly known as SilverSun Technologies, Inc., has completed the previously announced equity investment contemplated by the Amended and Restated Investment Agreement, dated April 14, 2024, among SilverSun, Jacobs Private Equity II, LLC and certain minority co-investors. Under the terms of the transaction, JPE and the co-investors invested an aggregate of $1 billion in cash in the company, comprised of $900 million by JPE and $100 million by the co-investors, including Sequoia Heritage.

In connection with the closing of the equity investment, Brad Jacobs became QXO’s chairman and chief executive officer and will lead the company in the $800 billion building products distribution industry.

Additionally, the company changed its name from SilverSun Technologies, Inc. to QXO, Inc. and changed its ticker symbol on the NASDAQ Capital Market from SSNT to QXO.

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The company has also announced the appointment of eight executives and six members of its board of directors, effective immediately. QXO entered the $800 billion building products distribution industry today when Jacobs led a $1 billion equity investment to completion. Ihsan Essaid was previously announced as QXO’s incoming chief financial officer.

Brad Jacobs said, “I’ve known these leaders for many years and have great confidence in their ability to grow QXO into a tech-forward leader in building products distribution. We have a world-class executive team pursuing shareholder value out of the gate!”

These eight leaders have extensive experience executing growth strategies at scale, including roles with three of Jacobs’ prior public companies:
  • Josephine Berisha, chief human resources officerBerisha has more than two decades of senior HR experience with global companies, including human capital management, performance management, compensation and benefits, and workforce planning and analysis. She previously served as chief human resources officer for XPO, Inc. from 2020 to 2023, following three years as senior vice president, compensation, benefits and workforce analytics. Prior to XPO, during 18 years with Morgan Stanley, she held various HR leadership positions, including managing director, head of corporate compensation and executive pay design from 2013 to 2017.
  • Joe Checkler, senior vice president, communicationsCheckler most recently served as vice president of communications for XPO, Inc., where he led the corporate and investor communications organization from 2018 to 2022. Prior to XPO, he was a media relations executive with Peppercomm Inc. from 2015 to 2018. He began his career with an 11-year tenure as a reporter for Dow Jones & Company, where he covered business and financial news for The Wall Street Journal.
  • Matt Fassler, chief strategy officerFassler was chief strategy officer of XPO, Inc. from 2018 through 2022 during the company’s strategic transformation in North America, and currently serves as a member of the board of directors of GXO Logistics, Inc., which was spun off from XPO. Previously, he spent more than 20 years at Goldman Sachs in global investment research as a managing director and business unit leader for the consumer sector from 2007 to 2018, and managing director, co-business unit leader for the retail sector from 2004 to 2007.
  • Austin Landow, executive vice presidentLandow is managing director of Jacobs Private Equity, LLC with responsibility for leading strategic projects. He joined XPO, Inc. from 2019 to 2023, and was instrumental in helping the company spin off GXO Logistics, Inc. and RXO, Inc. Earlier in his career, he was responsible for real estate investing while with Stockbridge Capital Group, LLC, and worked in the distressed debt and private equity groups at Cerberus Capital Management.
  • Mark Manduca, chief investment officerManduca previously served as chief investment officer of GXO Logistics, Inc. from 2021 to 2023, with responsibility for managing relationships within the investment community. Prior to GXO, he held senior positions with leading investment banks, including Citigroup in London, where he was managing director in equity research from 2018 to 2021. Earlier, he led various sector-specific research teams for Bank of America Merrill Lynch.
  • Eduardo Pelleissone, chief transformation officerPelleissone most recently led operations in the Americas and Asia Pacific for GXO Logistics, Inc. from 2021 to 2024, after serving as chief transformation officer for GXO’s parent company, XPO, Inc. Prior to XPO, he was executive vice president of global operations and chief operating officer for five years with Kraft Heinz Co. Earlier, during more than nine years with rail logistics leader America Latina Logistica SA, he held roles as chief executive officer and chief operating officer.
  • Chris Signorello, chief legal officerSignorello previously served in senior legal roles with XPO, Inc., most recently as deputy general counsel and chief compliance officer from 2021 to 2023. Prior to XPO, he was with industrial and consumer products leader Henkel Corporation for nearly a decade, where he was associate general counsel, among other leadership positions. Earlier, he spent nine years with the product liability and commercial litigation practice groups at Goodwin Procter LLP.
  • Sean Smith, chief accounting officer and deputy chief financial officerSmith has more than two decades of senior financial experience across multiple industries. From 2019 to 2024, he served as corporate controller for Chewy, Inc., a leading e-commerce retailer of pet supplies and medications. Prior to Chewy, he held key finance positions with XPO, Inc. over more than three years, most recently as corporate controller. He began his career with KPMG LLP.
Six inaugural members of QXO’s board of directors have been selected:
  • Brad Jacobs, chairman—Jacobs founded and led five public companies prior to QXO: United Waste Systems, Inc., United Rentals, Inc., XPO, Inc., and XPO’s spin-offs, GXO Logistics, Inc. and RXO, Inc. He serves as executive chairman of XPO and as non-executive chairman of GXO and RXO. Jacobs is the managing partner of Jacobs Private Equity, LLC.
  • Jason AikenAiken has led the technologies segment of General Dynamics since 2023. Over the course of his 22-year tenure with General Dynamics, he served as the company’s chief financial officer from 2014 to 2024, and earlier as chief financial officer of General Dynamics subsidiary Gulfstream Aerospace, among other senior positions.
  • Marlene ColucciColucci has served as chief executive officer of The Business Council in Washington, D.C. since 2013. Previously, she was executive vice president of public policy for the American Hotel & Lodging Association, and earlier held positions as special assistant to the President of the United States in the Office of Domestic Policy, deputy assistant secretary with the Department of Labor’s Office of Congressional and Intergovernmental Affairs, and senior counsel with Akin Gump Strauss Hauer & Feld LLP. She is vice chair of the board of directors of GXO Logistics, Inc.
  • Mario HarikHarik has led XPO, Inc. as chief executive officer since November 2022 and serves on its board. He joined XPO in 2011 as chief information officer, and held additional roles as chief customer officer and president, North American less-than-truckload. His prior career included chief information officer with Oakleaf Waste Management, chief technology officer with Tallan, Inc., and co-founder of G3 Analyst.
  • Mary KisselKissel is executive vice president and senior policy advisor with Stephens Inc. She joined Stephens in 2021, following her role as senior advisor to the U.S. Secretary of State. Earlier, during 14 years with The Wall Street Journal, she served on the editorial board in New York, and as editorial page editor for Asia Pacific in Hong Kong. She began her career at Goldman Sachs. Kissel is a member of the Council on Foreign Relations and a director of the American Australian Council. She is vice chair of the board of directors of RXO, Inc. 
  • Allison LandryLandry is a former senior transportation research analyst with Credit Suisse, covering the trucking, railroad, airfreight and logistics industries for more than 15 years. Previously, she was a financial analyst and senior accountant with OneBeacon Insurance Co. (now Intact Insurance Specialty Solutions). She serves as vice chair of the board of directors of XPO, Inc.
Further QXO leadership appointments, including chief technology officer, as well as potential additional board members, will be announced at a future date.

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