Brad Jacobs | |
---|---|
Born | Providence, Rhode Island, U.S. | August 3, 1956
Education | Northfield Mount Hermon School |
Alma mater | Bennington College Brown University |
Occupation | Businessman |
Known for |
Brad Jacobs is an American billionaire [1] [2] who was born in Rhode Island. Jacobs is executive chairman of XPO, Inc., [3] [ third-party source needed ] and non-executive chairman of RXO, [4] an XPO's spin-off company.
Jacobs was born in Providence, Rhode Island, the son of Charlotte Sybil (née Bander) (1929–2013) and Albert Jordan Jacobs (1927–2018). [5] [6] His father was a fashion jewellery importer. [6] He graduated from Northfield Mount Hermon School and then went on to attend Bennington College and Brown University where he studied music and mathematics but dropped out in 1976 to take a job as an oil trader. [7]
Jacobs has created seven corporations, five of which are publicly traded: XPO Logistics and its spin-offs, GXO Logistics in 2021 and RXO in 2022; United Rentals; and United Waste Systems. [8]
In 1979,[ citation needed ] Jacobs co-founded Amerex Oil Associates Inc., an oil brokerage firm. [9]
In 1989, Jacobs founded United Waste Systems in Greenwich, Connecticut, and began consolidating small waste collection companies that had overlapping routes in rural areas. Jacobs served as chairman and chief executive officer, and in 1992 he took the company public. [10] Jacobs sold United Waste Systems to USA Waste Services Inc. (now Waste Management, Inc.) for $2.5 billion. [11]
During late 1997 and early 1998, Jacobs grew United Rentals through a strategy of consolidating equipment rental dealers in North America. [12]
In 2011, Jacobs invested approximately $150 million in XPO (then named Express-1 Expedited Solutions). He assumed the role of CEO [13] [14] and gained ownership of approximately 71 percent of the company. [15] In August 2022, Jacobs announced plans to step aside as CEO of XPO Logistics but remain executive chairman. [16]
Jacobs is married to Lamia Jacobs, an oil trader originally from France; they have four children. [7] [17] [18] Brad and his wife live in Greenwich, Connecticut. [17]
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: CS1 maint: url-status (link)He read up on oil brokers and then cold-called his way into the business, enlisting the legendary Ludwig Jesselson, head of commodity house Phillip Brothers, as a mentor.