((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
Dec. 4 – ** Shares of GXO Logistics GXO.N fell 13.4% to $51.12 on Wednesday after the company announced the departure of its chief executive and rejected buyout offers
**The stock is in contention for the biggest daily decline on record. The biggest drop on record is 13.4% on March 7, 2022 ** The supply chain services provider said Tuesday that Malcolm Wilson told the board he plans to retire in 2025 and that he would continue to lead the company while the search for his successor **Meanwhile, GXO plans to remain an independent company after exploring sale options recently, Bloomberg News reported late Tuesday, citing people familiar with the subject
** Wilson has been at the helm since GXO was spun off from trucking company XPO XPO.N in 2021 ** In October, Reuters reported that GXO was working with an advisory bank to explore a potential sale after receiving interest from the share of a buyer
**Barclays cut its PT by $8 to $52, and Wells Fargo cut its PT by $5 to $60 after the news
**We expect the combination of an abrupt change in management, the end of potential sales prospects and 2025 earnings headwinds to weigh on shares today,” Barclays wrote in a note
** TD Cowen said she believed Mr Wilson's retirement was a surprise to people inside and outside the company, “given that continuity was emphasized during the recent investor meetings with us”
**GXO shares closed at $50.90 on October 9, just before takeover interest was announced
**With the session's move, the stock is down ~16% year-to-date versus a ~1.5% decline in the S&P 400 Transportation Index .SPMDCTRN.
