Brad Jacobs (entrepreneur)

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Brad Jacobs
Born (1956-08-03) August 3, 1956 (age 66)
Providence, Rhode Island, U.S.
Education Northfield Mount Hermon School
Alma mater Bennington College
Brown University
OccupationBusinessman
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.

Contents

Early life and education

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]

Career

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]

Personal life

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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References

  1. ↑ Black, Thomas (October 17, 2022). "Brad Jacobs Is on the Hunt. Investors Should Pay Attention". Bloomberg. Retrieved December 19, 2022.{{cite web}}: CS1 maint: url-status (link)
  2. ↑ Lublin, Joann (November 27, 2022). "XPO's Billionaire Chairman Brad Jacobs Is Hunting for His Next Big Deal". Time. Retrieved December 19, 2022.{{cite web}}: CS1 maint: url-status (link)
  3. ↑ Walker, Karen (October 5, 2022). "Brad Jacobs: A Playbook For Creating Massive Shareholder Value". Forbes. Retrieved October 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  4. ↑ O'Neal, Lydia (March 8, 2022). "XPO Logistics to Spin Off Freight Brokerage, Exit Intermodal and Europe Business". The Wall Street Journal. Retrieved August 3, 2022.{{cite web}}: CS1 maint: url-status (link)
  5. ↑ "Charlotte Sybil (Bander) Jacobs (1929–2013)". The Providence Journal. April 8, 2013.
  6. 1 2 "Albert Jordan Jacobs (1927–2018)". The Providence Journal. May 31, 2018.
  7. 1 2 "Near Misses". Forbes. Retrieved March 5, 2023.
  8. ↑ "Bradley Jacobs: The maestro of mergers". Forbes India. Retrieved July 22, 2019.
  9. ↑ "June 4, 2005 Entrepreneur tells of unknown future". StamfordAdvocate. May 10, 2011. Retrieved November 11, 2011.
  10. ↑ "United Rentals, Inc. – Company History". Fundinguniverse.com. Retrieved November 11, 2011.
  11. ↑ "The big bet of Brad Jacobs". DCVelocity. January 9, 2012. Retrieved May 12, 2016.
  12. ↑ Lipin, Steven (June 17, 1998). "United Rentals Business Bores Everyone Except Shareholders". The Wall Street Journal. Retrieved May 22, 2020.
  13. ↑ "The big bet of Brad Jacobs". dcvelocity.com. January 9, 2012. Retrieved June 6, 2012.
  14. ↑ 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.
  15. ↑ Zimmerman, Kevin (November 17, 2017). "XPO Logistics: Fast growth through acquisitions and management style". Westfair Communications. Retrieved December 27, 2017.
  16. ↑ Young, Liz (August 4, 2022). "Brad Jacobs Will Step Aside as CEO of XPO Logistics". The Wall Street Journal. Retrieved August 8, 2022.{{cite web}}: CS1 maint: url-status (link)
  17. 1 2 Gara, Antoine (April 10, 2018). "Better Than Amazon? How Bradley Jacobs Turned A $63M Bet Into A $12 Billion Transportation Empire". Forbes (magazine). Retrieved July 1, 2018. 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.
  18. ↑ Stewart-Muniz, Sean (August 5, 2015). "Connecticut restaurateur mortgages Palm Beach mega-manse - Owner is also former oil trader". The Real Deal.
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