Michael R. Welch, who co-founded the company that would eventually become XPO Logistics, Inc. (NYSE: XPO) died September 27 in Stevensville, Michigan, following a long illness. His exact age could not be determined, but he was believed to be in his mid-50s.
His death was confirmed in a statement from the Lakeshore (Michigan) Public Schools, where Welch was a board member.
Welch and Keith Avery co-founded ground expedited firm Express 1-Expedited Solutions of Niles & St. Joseph (Michigan) in 1989. In 2004, Welch orchestrated the sale of the company to transport and logistics provider Segmentz Inc. He served as Express-1 CEO from 2005 to 2011, where he made several acquisitions and started a company known as Bounce Logistics. During that span the company more than quadrupled its revenues.
In September 2011, Express-1 was sold to businessman Brad Jacobs. The company's name was changed to XPO Logistics, with the "XPO" ticker symbol referencing the symbol that Express-1 had used since 2006. At the time, Express-1 shares traded on the American Stock Exchange. The following June, XPO listed its shares on the New York Stock Exchange.
Welch would become vice chairman of Magnate Worldwide, a transport and logistics firm headquartered in Oak Brook, Illinois.
Welch is survived by his wife, Lisa, and their two children, Kara and Carter.
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