Latest news with #BradJacobs
Globe and Mail
21-07-2025
- Business
- Globe and Mail
QXO Appoints Michael DeWitt as Chief Procurement Officer
QXO, Inc. (NYSE: QXO) today announced that Michael DeWitt has been appointed chief procurement officer, effective immediately. DeWitt will lead the company's procurement transformation as QXO scales to become the tech-enabled leader in the $800 billion building products distribution industry. DeWitt joins QXO after eight years as vice president of international spend management at Walmart International, where he was responsible for $10 billion of purchasing and digital transformation across 18 countries. He brings nearly three decades of experience in procurement innovation across multiple industries and continents. Brad Jacobs, chairman and chief executive officer of QXO, said, 'Michael has redefined what best-in-class procurement looks like. He's driven billions in savings, pioneered the use of AI in sourcing and built global teams that outperform. With his leadership, we expect to unlock significant value through procurement as we scale our platform.' At Walmart, DeWitt spearheaded the adoption of next-generation procurement technologies, including autonomous negotiation systems and AI-powered sourcing tools. His initiatives more than doubled annual savings in three years, while fostering a culture of innovation across Walmart's global footprint. Previously, as chief procurement officer of Highmark Health, he managed $8 billion in spend across five lines of business, establishing industry-leading performance benchmarks in procurement ROI. Earlier, he held senior sourcing leadership roles at Bayer, MEDRAD, Hewlett Packard and other global manufacturers. He began his career in logistics and inventory management in the U.S. Air Force. About QXO QXO is the largest publicly traded distributor of roofing, waterproofing and complementary building products in the United States. The company plans to become the tech-enabled leader in the $800 billion building products distribution industry and generate outsized value for shareholders. QXO is targeting $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. Visit for more information.
Yahoo
05-07-2025
- Business
- Yahoo
Jim Cramer on QXO: 'You Got a Pretty Darn Good Story'
QXO, Inc. (NYSE:QXO) is one of the 25 stocks Jim Cramer recently shared insights on. Cramer said that housing stocks could benefit from the Big Beautiful Bill and mentioned the stock, as he remarked: 'So if the Senate's version of the Big Beautiful budget Bill, which makes the mortgage reduction permanent, ends up passing, then it's obvious you should be buying the housing stocks because this market is run by Captain Obvious and you can get ahead of Captain Obvious. Throw in that there's a buyer of anything housing related, a vehicle called QXO run by Brad Billionaire Jacobs, hostile or not, and you got a pretty darn good story.' A portfolio manager analyzing a stock chart, seeking to find the right investments. QXO (NYSE:QXO) supplies a wide range of roofing, siding, waterproofing, and building materials, serving contractors, distributors, and suppliers. During the June 26 episode of Mad Money, Cramer praised the company's CEO. He said: 'I am going with Brad Jacobs. He's the Houdini of people. He's a billion… how to make a billion. Makes a billion when he walks down the street. He makes a billion when he looks out the window. I want to be in his billionaire train.' While we acknowledge the potential of QXO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Sign in to access your portfolio
Yahoo
01-07-2025
- Business
- Yahoo
QXO turns attention elsewhere as Home Depot nabs GMS
-- Home Depot's agreement to acquire building products distributor GMS, Inc. for $110 per share in cash has prompted Brad Jacobs-led QXO Inc. (NYSE:QXO) to shift its focus to other targets, according to a person familiar with the matter. QXO is currently evaluating several alternative acquisition opportunities, it was relayed. On June 18th, QXO, fresh off its $11 billion cornerstone acquisition of Beacon Roofing Supply (NASDAQ:BECN), made a surprise all-cash offer of $95.20 per share for GMS. The next day, the Wall Street Journal reported that Home Depot (NYSE:HD) was preparing its own bid. Rather than entering a bidding war, QXO chose to remain disciplined with its price and is seen walking away from the deal. QXO aims to become the leader in the $800 billion building products distribution industry, targeting $50 billion in annual revenue over the next decade through a mix of strategic acquisitions and organic growth. Founder Brad Jacobs has a long track record of building multibillion-dollar public companies, including United Waste, United Rentals (NYSE:URI), XPO, and its spin-offs GXO and RXO. 'As expected, it does not appear QXO entered a bidding war for GMS, remaining disciplined on its offer price,' Wolfe Research analyst Trevor Allinson wrote in a note to clients Monday. He added that QXO is actively pursuing multiple acquisition targets and intends to expand into three to four industry verticals. Allinson also suggested the sector could evolve into a 'two-horse race' between QXO and Home Depot as both firms look to consolidate larger assets. To support its ongoing acquisition strategy, QXO raised nearly $2 billion last week through a public stock offering, bringing its cash war chest to over $7 billion. While Home Depot may have won GMS, QXO remains committed to its rollup strategy and is expected to announce its next deal in the near future. Shares of QXO are trading up 4% in afternoon trading on Monday. Related articles QXO turns attention elsewhere as Home Depot nabs GMS - source JPMorgan says Tesla demand weakness likely continued in second quarter BofA adds SAP stock to Top 10 EMEA ideas for Q3 Melden Sie sich an, um Ihr Portfolio aufzurufen.
Yahoo
30-06-2025
- Business
- Yahoo
Jim Cramer on QXO: 'I am Going With Brad Jacobs'
QXO, Inc. (NYSE:QXO) is one of the 11 stocks that Jim Cramer recently commented on. A caller asked if it was a good time to start a position in the stock or if they should hold off. Cramer replied: 'I am going with Brad Jacobs. He's the Houdini of people. He's a billion… how to make a billion. Makes a billion when he walks down the street. He makes a billion when he looks out the window. I want to be in his billionaire train.' A construction site with workers wearing hard hats and safety vests, installing roofing materials. QXO (NYSE:QXO) supplies a variety of building materials, including roofing systems, siding, waterproofing solutions, insulation, and construction tools. The company provides asphalt, metal, wood, and tile roofing, as well as exterior and interior building components. Tsai Capital stated the following regarding QXO, Inc. (NYSE:QXO) in its Q4 2024 investor letter: 'We initiated a position in QXO, Inc. (NYSE:QXO) at approximately $11 per share. Under the leadership of Brad Jacobs, the company is in the early stages of executing a bold plan to consolidate and disrupt the $800 billion building products distribution industry. Having previously invested in two of Brad's highly successful ventures, United Rentals and XPO Logistics, Tsai Capital is excited to support his latest endeavor. While we acknowledge the potential of QXO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
NBC News
30-06-2025
- Business
- NBC News
Home Depot is buying GMS for about $4.3 billion as retailer chases more home pros
Home Depot said Monday that it is buying GMS, a building-products distributor, for about $4.3 billion as the retailer moves to draw more sales from contractors and other home professionals. Shares of Home Depot were roughly flat in early trading Monday. GMS shares jumped more than 11%. As part of the deal, the Home Depot-owned subsidiary SRS Distribution will buy all outstanding shares of GMS for $110 per share, which adds up to about $4.3 billion and amounts to total enterprise value including net debt of about $5.5 billion, the company said. Home Depot said it expects the acquisition to be completed by early 2026. Home Depot's announcement also concludes a potential bidding war between the big-box retailer and billionaire Brad Jacobs. Jacobs' building-products distributor QXO had offered about $5 billion in cash to acquire GMS and said it would press forward with a hostile takeover if the company's management rejected the proposal. As Home Depot chases growth, it's gone after a steadier and more lucrative piece of the home improvement business: electricians, roofers, home renovators and other professionals who tackle large projects year-round and need a lot of supplies. Home Depot said it's speeding along that strategy with the GMS deal. Home Depot bought SRS Distribution — the subsidiary that's acquiring GMS — last year for $18.25 billion, in the largest acquisition in its history. Texas-based SRS sells supplies to professionals in the landscaping, roofing and pool businesses and it has bought up many other smaller suppliers as it's grown. Home Depot's focus on selling to professionals is well-timed. Sales from do-it-yourself customers have slowed as higher mortgage rates have decreased housing turnover and dampened homeowners' demand for larger projects because of higher borrowing costs. The company said it expects total sales to grow by 2.8% for the full fiscal year and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to rise about 1%.
