🇺🇸 SECQXO Inc.Codex · 实盘不做把握 4/10不做原因:风险收益比不佳
北京时间·🕒 发布 04:38:51·⟳ 抓取 04:39:24 +33s·⚡ 决策 08-25 04:42:24 +3m00s·63.9 天前
QXO任命Honeywell高管Ken West为总裁兼首席运营官
QXO任命COO是一手确认的偏正面治理和执行力信号,但没有可量化业绩、订单、指引或并购交易增量;且新闻稿已在美股盘前发布,盘后8-K主要是确认性披露,不足以支撑开新多仓。
📄 原文QXO Inc.↗ 原文
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不做 QXO, Inc.(QXO.US)
不做QXO, Inc.(QXO.US):COO任命方向偏正面但缺少可量化业绩或交易增量,且盘前新闻稿已公开,盘后8-K确认不足以形成可执行edge。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
QXO任命具备大型工业运营和整合履历的Ken West担任总裁兼COO,理论上有助于执行建筑产品分销平台化战略;但当前新增事实仅为人事任命和薪酬激励,没有改变收入、利润、现金流、订单或并购成交概率。相对QXO大型平台公司市值,约1070万美元薪酬股权安排也不构成重大负面稀释,最终因预期差和量级不足选择不做。
🔎 新鲜度:最早出现 2026-08-24 · 扩散 medium · price-in 风险 medium ↗
消息传播链
- QXO新闻稿宣布Ken West任总裁兼COO,2026年9月1日生效。
- QXO提交8-K,披露任命、薪酬、奖金和股权激励安排。市场反应:美股常规交易已收盘,盘后是否可按合理价格成交未确认。
关键理由
- Ken West具备Honeywell工业运营和并购整合经验,方向上有利于QXO执行平台化战略。
- 本次公告未披露新增订单、并购落地、成本协同目标或业绩指引,不能量化短期收入或利润增量。
- 约1070万美元薪酬和股权激励相对QXO市值很小,不构成独立财务利空或资本配置负面事件。
主要风险
- 若市场将任命解读为Brad Jacobs并购整合平台进入执行加速阶段,QXO.US次日仍可能有情绪性高开。
- 同日盘前新闻稿早于盘后8-K披露,剩余edge可能已在常规交易时段部分消化。
反向证据
- 做多前查反向 · 来源 filing · 日期 2026-08-24 · 影响 weakens
8-K未披露新增收入、利润率、订单、成本协同目标、并购交易或业绩指引,削弱短线做多量级。
检索:QXO Ken West COO appointment revenue guidance acquisition integration financial impact 原文 ↗ - 做空前查反向 · 来源 filing · 日期 2026-08-24 · 影响 none
薪酬和股权激励金额约1070万美元,属于高管激励安排,未构成明确强空催化或重大净损害。
检索:QXO Ken West compensation equity award dilution negative impact 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例不足降低了交易把握度,强化QXO.US不追多的结论。
方向:未获得足够高相似、同市场、同机制且首发锚干净的管理层任命先例来支持短线做多。
涨幅量级:缺少可迁移的高相似样本和当前事件量化业绩锚,不能用先例设定有效涨幅目标。
形态:普通高管任命通常需要后续业绩、并购或整合结果验证,单条任命公告容易被快速消化。
原文全文
展开原文 · 95,575 字
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ORGANIZATION NAME: 07 Trade & Services
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ZIP: 06831
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MAIL ADDRESS:
STREET 1: FIVE AMERICAN LANE
CITY: GREENWICH
STATE: CT
ZIP: 06831
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DATE OF NAME CHANGE: 20110803
FORMER COMPANY:
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8-K
1
eh260822995_8k.htm
FORM 8-K
FORM 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 21, 2026
QXO, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-38063
16-1633636
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
Five American Lane
Greenwich
,
Connecticut
(Address of principal executive offices)
06831
(Zip Code)
Registrant’s telephone number, including
area code:
888
-
998-6000
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each
class
Trading Symbol(s)
Name of each exchange
on which registered
Common stock, par value $0.00001 per share
QXO
New York Stock Exchange
Depositary Shares
, each representing a 1/20th interest in a
share of 5.50% Series B Mandatory Convertible Preferred Stock, par value $0.001 per share
QXO.PRB
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
☐
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 21, 2026, QXO, Inc. (the “
Company
”)
appointed Ken West as the Company’s President and Chief Operating Officer, effective as of September 1, 2026.
Mr. West, age 49, brings
more than 20 years of experience leading large, complex industrial businesses across operations, strategy, finance, and integration.
He joins the Company from Honeywell Technologies (Nasdaq: HON), where he has served in numerous senior leadership roles, including
President and Chief Executive Officer of Honeywell Process Technology from January 2026 to present; President and Chief Executive
Officer of the company’s Energy and Sustainability Solutions segment from January 2024 to December 2025; President and Chief
Executive Officer of Honeywell UOP, Honeywell Technologies’ refining and petrochemical technologies business, from July 2023
to December 2023; President of Honeywell Advanced Materials from January 2022 to July 2023; and Vice President and General Manager
of Honeywell Fluorine Products from April 2021 to January 2022. Prior to joining Honeywell in 2018, Mr. West spent 13 years at PPG
Industries, Inc. (NYSE: PPG), where he served as Global Vice President of Packaging Coatings and held leadership roles in
operations, integration, corporate planning and finance.
No family relationships exist between Mr. West and
any director or executive officer of the Company. There are no arrangements or understandings pursuant to which Mr. West was selected
as an officer and no transactions to which the Company is or was a participant and in which Mr. West has a material interest subject to
disclosure under Item 404(a) of Regulation S-K.
Offer Letter with Mr. West
The Company entered into an offer letter with Mr.
West (the “
Offer Letter
”), pursuant to which Mr. West will receive an annual
base salary of $850,000 and an initial annual target bonus equal to 125% of his base salary. His bonus for fiscal year 2026 may be pro-rated
based on his start date.
Annual Long-Term Incentive Awards
On or about
September 15, 2026, subject to approval by the Compensation and Talent Committee of the Board of Directors (the “
Committee
”),
the Company intends to grant Mr. West annual long-term incentive awards under the QXO, Inc. 2024 Omnibus Incentive Compensation Plan (the
“
Plan
”) in the form of (i) time-based restricted stock units (“
RSUs
”)
with a grant-date value of $867,808 and (ii) performance-based restricted stock units (“
PSUs
”)
with a grant-date value of $867,808, which represent the prorated values of the annual long-term incentive awards for which Mr. West is
eligible in 2026 under the Offer Letter. The RSUs will vest over a period of four years, with 15% vesting on the first anniversary of
the grant date, 25% vesting on the second anniversary of the grant date, 25% vesting on the third anniversary of the grant date, and 35%
vesting on the fourth anniversary of the grant date, subject to Mr. West’s continued employment through the applicable vesting date.
The PSUs will be earned based on performance goals tied to the Company’s total stockholder return relative to companies in the S&P
500 Index over the performance period beginning on the grant date and ending December 31, 2030. Earned PSUs may range from 0% to 225%
of target, and any earned PSUs would vest on December 31, 2030, subject to Mr. West’s continued employment through the vesting date.
All shares received upon settlement of the RSUs and PSUs will be subject to a restriction on sales, offers, pledges, transfers and dispositions
for one year after such shares vest.
Equity Sign-On Award
On or about September
15, 2026, subject to Committee approval, Mr. West will receive an equity sign-on award consisting of RSUs with a grant-date value of $5,500,000
(“
Sign-On RSUs
”) under the Plan. The Sign-On RSUs will vest over four years,
with 50% vesting on the second anniversary of the grant date and 50% vesting on the fourth anniversary of the grant date, subject to Mr.
West’s continued employment through the applicable vesting date. All shares received upon settlement of the Sign-On RSUs will be
subject to a restriction on sales, offers, pledges, transfers and other dispositions until the first anniversary of the final vesting
date.
New Hire Incentive Award
On or about September
15, 2026, subject to Committee approval, Mr. West will also receive an equity incentive award consisting of RSUs with a grant-date value
of $2,500,000 (“
New Hire RSUs
”) under the Plan. The New Hire RSUs will vest
in full on the one-month anniversary of the grant date, subject to Mr. West’s continued employment through such vesting date. If
Mr. West’s employment terminates for any reason other than an involuntary termination without cause on or after the vesting date
but prior to the second anniversary of his start date, he will be required to repay the fair market value of the New Hire RSUs as of
the vesting date, less any taxes withheld or paid in connection with the vesting of the New Hire RSUs.
Mr. West will also enter into the Company’s
Confidential Information Protection Agreement and will be eligible to participate in the Company’s Severance Plan, as in effect
from time to time, which provides severance benefits upon certain qualifying terminations of employment.
The foregoing summary of the Offer Letter does not
purport to be complete and is subject to, and qualified in its entirety by, the full text of the Offer Letter, a copy of which will be
filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ending September 30, 2026 and is incorporated
by reference herein.
Item 8.01
Other Events.
On August 24, 2026, the Company issued a press release
announcing the appointment of Mr. West. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
Press Release, dated August 24, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
QXO, INC.
Date: August 24, 2026
By:
/s/ Christopher Signorello
Christopher Signorello
Chief Legal Officer
EX-99.1
2
eh260822995_ex9901.htm
EXHIBIT 99.1
Exhibit
99.1
QXO Appoints Ken West as President and Chief Operating
Officer
GREENWICH, Conn. — August 24, 2026 —
QXO, Inc. (NYSE: QXO), today announced the appointment of Ken West as President and Chief Operating Officer, effective September 1,
2026. West will report to Chief Executive Officer Brad Jacobs and be responsible for QXO’s day-to-day operations.
West brings an extensive track record of
high-impact operational leadership and driving major business transformations. He joins QXO from Honeywell Technologies, where he
most recently served as President and Chief Executive Officer of Honeywell Process Technology, which holds the leading global
position in process technology. West has more than 20 years of experience leading large, complex industrial businesses across
operations, strategy, finance, and integration. He was responsible for the acquisition of Johnson Matthey’s Catalyst
Technologies business and spearheaded its integration.
Brad Jacobs, Chairman and Chief Executive Officer of
QXO, said, “Ken is an exceptional operator with the executional rigor to lead QXO’s operations. He has demonstrated an ability
to achieve outstanding results across a number of industrial businesses. His leadership will be instrumental as we look to scale our platform
and deliver outsized shareholder value.”
“I’m excited to join QXO at this pivotal
moment in its growth,” West said. “We have an extraordinary opportunity to build the preeminent company in the building products
industry, and I’m eager to help transform the QXO team's bold vision into reality.”
West joined Honeywell in 2018 and rose to lead
three major business segments within six years. Prior to leading Honeywell Process Technology, he served as President and Chief
Executive Officer of the company’s Energy and Sustainability Solutions segment, President and Chief Executive Officer of
Honeywell UOP, and President of Honeywell Advanced Materials. In his most recent role, West helped shape Process Technology into a more growth-oriented business, including the spin-off of the independent company now known as
Solstice Advanced Materials. He also
led the acquisition of Sundyne and oversaw its integration with Honeywell’s automation and digital platforms.
Before Honeywell, West spent 13 years at PPG Industries,
where he served as Global Vice President of Packaging Coatings and held leadership roles in operations, integration, corporate planning,
and finance. During his tenure, West led the integration of AkzoNobel Architectural Coatings North America, establishing PPG as the world’s
largest coatings company.
West earned an MBA from Carnegie Mellon University’s
Tepper School of Business and a bachelor’s degree in mechanical engineering from Purdue University.
About QXO
QXO is a leading distributor and installer
of building products serving an $800 billion market. The Company’s mission is to modernize the building products industry through
advanced technology and a best-in-class customer experience. QXO is North America’s largest distributor and installer of insulation,
the second-largest distributor of roofing products, the second-largest publicly traded distributor of lumber and building materials, and
the largest distributor of waterproofing products. The Company is targeting $50 billion in annual revenue within the decade through accretive
acquisitions and organic growth. For more information, visit QXO.com.
Cautionary Statement Regarding Forward-Looking
Statements
This release includes forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.
In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,”
“believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,”
“predict,” “should,” “will,” “expect,” “objective,” “projection,”
“forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,”
“trajectory” or the negative of these terms or other comparable terms. These forward-looking statements are based on certain
assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected
future developments, as well as other factors we believe are appropriate in the circumstances.
These forward-looking statements are
subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements
to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking
statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC, and
the following:
•
an inability to obtain the products we distribute resulting in lost revenues and reduced margins and
damaging relationships with customers;
•
changes in supplier pricing, demand or vendor rebates adversely affecting our income and gross margins;
•
our inability to identify potential acquisition targets, successfully complete acquisitions on acceptable
terms, or successfully integrate acquired businesses into our operations;
•
the possibility that our cost and revenue initiatives to enhance efficiencies and drive organic growth
may not be effective;
•
risks related to maintaining our safety record;
•
liability exposure due to the nature and breadth of our installation services operations, including
from construction defect and warranty claims;
•
risks related to the identification of new products, product quality or performance issues from third-party
manufacturers and suppliers;
•
the possibility that building products distribution industry demand may soften or shift substantially
due to cyclicality or dependence on general economic and political conditions, including inflation or deflation, interest rates, governmental
subsidies or incentives, consumer confidence, labor and supply shortages, weather and commodity prices;
•
risks related to fragmentation in our industry and the possibility that regional or global barriers
to trade or a global trade war could increase the cost of products in the building products distribution industry;
•
seasonality, weather-related conditions and natural disasters;
•
risks related to the effective development and proper functioning of our information technology systems,
including from cybersecurity threats, artificial intelligence use, and digital transformation initiatives;
•
risks relating to our ability to attract and retain key talent, work stoppages, union negotiations,
labor disputes or other labor force matters;
•
our dependence on Brad Jacobs as chairman and chief executive officer and the impact of the loss of
Mr. Jacobs in these roles;
•
the risk that Mr. Jacobs’ past performance may not be representative of future results;
•
the risk that the anticipated benefits of our acquisition of Beacon Roofing Supply, Inc. (the “Beacon
Acquisition”), Kodiak Building Partners, Inc. (the “Kodiak Acquisition”), TopBuild Corp. (the “TopBuild Acquisition”)
or any future acquisition may not be fully realized or may take longer to realize than expected;
•
the effect of the Beacon Acquisition, Kodiak Acquisition, and TopBuild Acquisition or any future acquisition
on our business relationships with employees, customers or suppliers, operating results and business generally;
•
risks that our rebranding initiatives following the TopBuild Acquisition may not achieve their intended
benefits;
•
risks related to our obligations under the indebtedness we incurred in connection with the Beacon Acquisition
and TopBuild Acquisition;
•
the possible economic impact of the Company’s outstanding warrants and preferred stock on the
Company and the holders of its common stock or the impact of dividend payments or liquidation preferences from preferred stock that remains
outstanding;
•
challenges raising additional equity or debt capital and the effects that raising such capital may
have on the Company and its business;
•
the possibility that new investors in any future financing transactions could gain rights, preferences
and privileges senior to those of the Company’s existing stockholders;
•
the development of alternatives to distributors in the supply chain and competitive pricing pressure
from customers;
•
changes in building codes and consumer preferences that could affect our ability to market our service
offerings;
•
risks associated with periodic litigation, regulatory proceedings and enforcement actions;
•
the impact of legislative, regulatory, economic, competitive and technological changes;
•
risks related to insurance and bonding, including the use of a wholly-owned insurance captive to manage
risks;
•
unknown liabilities and uncertainties regarding general economic, business, competitive, legal, regulatory,
tax and geopolitical conditions; and
•
other factors, including those set forth in the Company’s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
All forward-looking statements set
forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments
anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on
us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not
undertake any obligation to update forward-looking statements except to the extent required by law.
QXO Contacts:
Media
Joe Checkler
joe.checkler@qxo.com
203-609-9650
Investors
Mark Manduca
mark.manduca@qxo.com
203-321-3889
EX-101.SCH
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EX-101.DEF
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EX-101.LAB
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Class of Stock [Axis]
Common Stock
Depositary Shares
Statement [Table]
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Amendment Flag
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Document Period Start Date
Document Period End Date
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Extension
Written Communications
Soliciting Material
Pre-commencement Tender Offer
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Title of 12(g) Security
Security Reporting Obligation
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Entity Well-known Seasoned Issuer
Entity Voluntary Filers
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Entity Interactive Data Current
Entity Filer Category
Entity Small Business
Entity Emerging Growth Company
Elected Not To Use the Extended Transition Period
Document Accounting Standard
Other Reporting Standard Item Number
Entity Shell Company
Entity Public Float
Entity Bankruptcy Proceedings, Reporting Current
Entity Common Stock, Shares Outstanding
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FILM NUMBER: 261311131
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STREET 1: FIVE AMERICAN LANE
CITY: GREENWICH
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8-K
1
eh260822995_8k.htm
FORM 8-K
FORM 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 21, 2026
QXO, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-38063
16-1633636
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
Five American Lane
Greenwich
,
Connecticut
(Address of principal executive offices)
06831
(Zip Code)
Registrant’s telephone number, including
area code:
888
-
998-6000
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each
class
Trading Symbol(s)
Name of each exchange
on which registered
Common stock, par value $0.00001 per share
QXO
New York Stock Exchange
Depositary Shares
, each representing a 1/20th interest in a
share of 5.50% Series B Mandatory Convertible Preferred Stock, par value $0.001 per share
QXO.PRB
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
☐
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 21, 2026, QXO, Inc. (the “
Company
”)
appointed Ken West as the Company’s President and Chief Operating Officer, effective as of September 1, 2026.
Mr. West, age 49, brings
more than 20 years of experience leading large, complex industrial businesses across operations, strategy, finance, and integration.
He joins the Company from Honeywell Technologies (Nasdaq: HON), where he has served in numerous senior leadership roles, including
President and Chief Executive Officer of Honeywell Process Technology from January 2026 to present; President and Chief Executive
Officer of the company’s Energy and Sustainability Solutions segment from January 2024 to December 2025; President and Chief
Executive Officer of Honeywell UOP, Honeywell Technologies’ refining and petrochemical technologies business, from July 2023
to December 2023; President of Honeywell Advanced Materials from January 2022 to July 2023; and Vice President and General Manager
of Honeywell Fluorine Products from April 2021 to January 2022. Prior to joining Honeywell in 2018, Mr. West spent 13 years at PPG
Industries, Inc. (NYSE: PPG), where he served as Global Vice President of Packaging Coatings and held leadership roles in
operations, integration, corporate planning and finance.
No family relationships exist between Mr. West and
any director or executive officer of the Company. There are no arrangements or understandings pursuant to which Mr. West was selected
as an officer and no transactions to which the Company is or was a participant and in which Mr. West has a material interest subject to
disclosure under Item 404(a) of Regulation S-K.
Offer Letter with Mr. West
The Company entered into an offer letter with Mr.
West (the “
Offer Letter
”), pursuant to which Mr. West will receive an annual
base salary of $850,000 and an initial annual target bonus equal to 125% of his base salary. His bonus for fiscal year 2026 may be pro-rated
based on his start date.
Annual Long-Term Incentive Awards
On or about
September 15, 2026, subject to approval by the Compensation and Talent Committee of the Board of Directors (the “
Committee
”),
the Company intends to grant Mr. West annual long-term incentive awards under the QXO, Inc. 2024 Omnibus Incentive Compensation Plan (the
“
Plan
”) in the form of (i) time-based restricted stock units (“
RSUs
”)
with a grant-date value of $867,808 and (ii) performance-based restricted stock units (“
PSUs
”)
with a grant-date value of $867,808, which represent the prorated values of the annual long-term incentive awards for which Mr. West is
eligible in 2026 under the Offer Letter. The RSUs will vest over a period of four years, with 15% vesting on the first anniversary of
the grant date, 25% vesting on the second anniversary of the grant date, 25% vesting on the third anniversary of the grant date, and 35%
vesting on the fourth anniversary of the grant date, subject to Mr. West’s continued employment through the applicable vesting date.
The PSUs will be earned based on performance goals tied to the Company’s total stockholder return relative to companies in the S&P
500 Index over the performance period beginning on the grant date and ending December 31, 2030. Earned PSUs may range from 0% to 225%
of target, and any earned PSUs would vest on December 31, 2030, subject to Mr. West’s continued employment through the vesting date.
All shares received upon settlement of the RSUs and PSUs will be subject to a restriction on sales, offers, pledges, transfers and dispositions
for one year after such shares vest.
Equity Sign-On Award
On or about September
15, 2026, subject to Committee approval, Mr. West will receive an equity sign-on award consisting of RSUs with a grant-date value of $5,500,000
(“
Sign-On RSUs
”) under the Plan. The Sign-On RSUs will vest over four years,
with 50% vesting on the second anniversary of the grant date and 50% vesting on the fourth anniversary of the grant date, subject to Mr.
West’s continued employment through the applicable vesting date. All shares received upon settlement of the Sign-On RSUs will be
subject to a restriction on sales, offers, pledges, transfers and other dispositions until the first anniversary of the final vesting
date.
New Hire Incentive Award
On or about September
15, 2026, subject to Committee approval, Mr. West will also receive an equity incentive award consisting of RSUs with a grant-date value
of $2,500,000 (“
New Hire RSUs
”) under the Plan. The New Hire RSUs will vest
in full on the one-month anniversary of the grant date, subject to Mr. West’s continued employment through such vesting date. If
Mr. West’s employment terminates for any reason other than an involuntary termination without cause on or after the vesting date
but prior to the second anniversary of his start date, he will be required to repay the fair market value of the New Hire RSUs as of
the vesting date, less any taxes withheld or paid in connection with the vesting of the New Hire RSUs.
Mr. West will also enter into the Company’s
Confidential Information Protection Agreement and will be eligible to participate in the Company’s Severance Plan, as in effect
from time to time, which provides severance benefits upon certain qualifying terminations of employment.
The foregoing summary of the Offer Letter does not
purport to be complete and is subject to, and qualified in its entirety by, the full text of the Offer Letter, a copy of which will be
filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ending September 30, 2026 and is incorporated
by reference herein.
Item 8.01
Other Events.
On August 24, 2026, the Company issued a press release
announcing the appointment of Mr. West. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
Press Release, dated August 24, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
QXO, INC.
Date: August 24, 2026
By:
/s/ Christopher Signorello
Christopher Signorello
Chief Legal Officer
EX-99.1
2
eh260822995_ex9901.htm
EXHIBIT 99.1
Exhibit
99.1
QXO Appoints Ken West as President and Chief Operating
Officer
GREENWICH, Conn. — August 24, 2026 —
QXO, Inc. (NYSE: QXO), today announced the appointment of Ken West as President and Chief Operating Officer, effective September 1,
2026. West will report to Chief Executive Officer Brad Jacobs and be responsible for QXO’s day-to-day operations.
West brings an extensive track record of
high-impact operational leadership and driving major business transformations. He joins QXO from Honeywell Technologies, where he
most recently served as President and Chief Executive Officer of Honeywell Process Technology, which holds the leading global
position in process technology. West has more than 20 years of experience leading large, complex industrial businesses across
operations, strategy, finance, and integration. He was responsible for the acquisition of Johnson Matthey’s Catalyst
Technologies business and spearheaded its integration.
Brad Jacobs, Chairman and Chief Executive Officer of
QXO, said, “Ken is an exceptional operator with the executional rigor to lead QXO’s operations. He has demonstrated an ability
to achieve outstanding results across a number of industrial businesses. His leadership will be instrumental as we look to scale our platform
and deliver outsized shareholder value.”
“I’m excited to join QXO at this pivotal
moment in its growth,” West said. “We have an extraordinary opportunity to build the preeminent company in the building products
industry, and I’m eager to help transform the QXO team's bold vision into reality.”
West joined Honeywell in 2018 and rose to lead
three major business segments within six years. Prior to leading Honeywell Process Technology, he served as President and Chief
Executive Officer of the company’s Energy and Sustainability Solutions segment, President and Chief Executive Officer of
Honeywell UOP, and President of Honeywell Advanced Materials. In his most recent role, West helped shape Process Technology into a more growth-oriented business, including the spin-off of the independent company now known as
Solstice Advanced Materials. He also
led the acquisition of Sundyne and oversaw its integration with Honeywell’s automation and digital platforms.
Before Honeywell, West spent 13 years at PPG Industries,
where he served as Global Vice President of Packaging Coatings and held leadership roles in operations, integration, corporate planning,
and finance. During his tenure, West led the integration of AkzoNobel Architectural Coatings North America, establishing PPG as the world’s
largest coatings company.
West earned an MBA from Carnegie Mellon University’s
Tepper School of Business and a bachelor’s degree in mechanical engineering from Purdue University.
About QXO
QXO is a leading distributor and installer
of building products serving an $800 billion market. The Company’s mission is to modernize the building products industry through
advanced technology and a best-in-class customer experience. QXO is North America’s largest distributor and installer of insulation,
the second-largest distributor of roofing products, the second-largest publicly traded distributor of lumber and building materials, and
the largest distributor of waterproofing products. The Company is targeting $50 billion in annual revenue within the decade through accretive
acquisitions and organic growth. For more information, visit QXO.com.
Cautionary Statement Regarding Forward-Looking
Statements
This release includes forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.
In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,”
“believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,”
“predict,” “should,” “will,” “expect,” “objective,” “projection,”
“forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,”
“trajectory” or the negative of these terms or other comparable terms. These forward-looking statements are based on certain
assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected
future developments, as well as other factors we believe are appropriate in the circumstances.
These forward-looking statements are
subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements
to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking
statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC, and
the following:
•
an inability to obtain the products we distribute resulting in lost revenues and reduced margins and
damaging relationships with customers;
•
changes in supplier pricing, demand or vendor rebates adversely affecting our income and gross margins;
•
our inability to identify potential acquisition targets, successfully complete acquisitions on acceptable
terms, or successfully integrate acquired businesses into our operations;
•
the possibility that our cost and revenue initiatives to enhance efficiencies and drive organic growth
may not be effective;
•
risks related to maintaining our safety record;
•
liability exposure due to the nature and breadth of our installation services operations, including
from construction defect and warranty claims;
•
risks related to the identification of new products, product quality or performance issues from third-party
manufacturers and suppliers;
•
the possibility that building products distribution industry demand may soften or shift substantially
due to cyclicality or dependence on general economic and political conditions, including inflation or deflation, interest rates, governmental
subsidies or incentives, consumer confidence, labor and supply shortages, weather and commodity prices;
•
risks related to fragmentation in our industry and the possibility that regional or global barriers
to trade or a global trade war could increase the cost of products in the building products distribution industry;
•
seasonality, weather-related conditions and natural disasters;
•
risks related to the effective development and proper functioning of our information technology systems,
including from cybersecurity threats, artificial intelligence use, and digital transformation initiatives;
•
risks relating to our ability to attract and retain key talent, work stoppages, union negotiations,
labor disputes or other labor force matters;
•
our dependence on Brad Jacobs as chairman and chief executive officer and the impact of the loss of
Mr. Jacobs in these roles;
•
the risk that Mr. Jacobs’ past performance may not be representative of future results;
•
the risk that the anticipated benefits of our acquisition of Beacon Roofing Supply, Inc. (the “Beacon
Acquisition”), Kodiak Building Partners, Inc. (the “Kodiak Acquisition”), TopBuild Corp. (the “TopBuild Acquisition”)
or any future acquisition may not be fully realized or may take longer to realize than expected;
•
the effect of the Beacon Acquisition, Kodiak Acquisition, and TopBuild Acquisition or any future acquisition
on our business relationships with employees, customers or suppliers, operating results and business generally;
•
risks that our rebranding initiatives following the TopBuild Acquisition may not achieve their intended
benefits;
•
risks related to our obligations under the indebtedness we incurred in connection with the Beacon Acquisition
and TopBuild Acquisition;
•
the possible economic impact of the Company’s outstanding warrants and preferred stock on the
Company and the holders of its common stock or the impact of dividend payments or liquidation preferences from preferred stock that remains
outstanding;
•
challenges raising additional equity or debt capital and the effects that raising such capital may
have on the Company and its business;
•
the possibility that new investors in any future financing transactions could gain rights, preferences
and privileges senior to those of the Company’s existing stockholders;
•
the development of alternatives to distributors in the supply chain and competitive pricing pressure
from customers;
•
changes in building codes and consumer preferences that could affect our ability to market our service
offerings;
•
risks associated with periodic litigation, regulatory proceedings and enforcement actions;
•
the impact of legislative, regulatory, economic, competitive and technological changes;
•
risks related to insurance and bonding, including the use of a wholly-owned insurance captive to manage
risks;
•
unknown liabilities and uncertainties regarding general economic, business, competitive, legal, regulatory,
tax and geopolitical conditions; and
•
other factors, including those set forth in the Company’s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
All forward-looking statements set
forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments
anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on
us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not
undertake any obligation to update forward-looking statements except to the extent required by law.
QXO Contacts:
Media
Joe Checkler
joe.checkler@qxo.com
203-609-9650
Investors
Mark Manduca
mark.manduca@qxo.com
203-321-3889
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Pre-commencement Tender Offer
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Entity Well-known Seasoned Issuer
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Entity Filer Category
Entity Small Business
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Entity Shell Company
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eh260822995_8k_htm.xml
IDEA: XBRL DOCUMENT
0001236275
2026-08-21
2026-08-21
0001236275
QXO:CommonStockParValue0.00001PerShareMember
2026-08-21
2026-08-21
0001236275
QXO:DepositarySharesEachRepresenting120thInterestInShareOf5.50SeriesBMandatoryConvertiblePreferredStockParValue0.001PerShareMember
2026-08-21
2026-08-21
false
0001236275
8-K
2026-08-21
QXO, INC.
DE
001-38063
16-1633636
Five American Lane
Greenwich
CT
06831
888
998-6000
false
false
false
false
Common stock, par value $0.00001 per share
QXO
NYSE
Depositary Shares
QXO.PRB
NYSE
false
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