QXO Hires Ashwin Rao as Chief Artificial Intelligence Officer

GREENWICH, Conn.- November 7, 2024 - QXO, Inc. (Nasdaq: QXO) today announced that Ashwin Rao has been appointed chiefartificial intelligence officer, effective immediately. He will serve as thecompany's principal AI architect, as QXO becomes a leader in the $800 billionbuilding products distribution industry.

Brad Jacobs, chairman and chief executive officer of QXO,said, "Artificial intelligence will permeate everything we do at QXO, includingdemand forecasting, inventory management and e-commerce. Ashwin is recognizedas one of the brightest minds in enterprise AI. He will be instrumental inmaking QXO the most tech-forward company in the industry."

Rao's career as an innovation leader spans more than 30years, combining technological expertise and strong commercial instincts. From 2016through 2022, he served as the first-ever head of AI for Target Corporation,where he led a team that developed mathematical models for pricing,merchandising, customer experience, supply chain logistics and other criticalfunctions.

"The opportunities to use AI to transform the buildingproducts distribution industry are endless," Rao said. "I'm excited to getstarted on dozens of AI workstreams that, combined with advantages of scale,will help QXO increase efficiency, optimize supply chains and add value for ourcustomers.

Rao began his career on Wall Street, as a derivativestrading quant strategist with Goldman Sachs and later as managing director ofmarket modeling for Morgan Stanley. He earned a doctorate in theoreticalcomputer science from the University of Southern California and a bachelor'sdegree in computer science from the Indian Institute of Technology Bombay. Heserves as an adjunct professor of applied mathematics at Stanford University.

About QXO

QXO provides technology solutions, primarily to clientsin the manufacturing, distribution and service sectors. The company providesconsulting and professional services, including specialized programming,training and technical support, and develops proprietary software. As avalue-added reseller of business application software, QXO offers solutions foraccounting, financial reporting, enterprise resource planning, warehousemanagement systems, customer relationship management, business intelligence andother applications. QXO plans to become a tech-forward leader in the $800billion building products distribution industry. The company is targeting tensof billions of dollars of annual revenue in the next decade through accretiveacquisitions and organic growth. Visit QXO.com formore information.

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Forward-Looking Statements

This press release contains forward-lookingstatements. Statements that are not historical facts, including statementsabout beliefs, expectations, targets and goals, including with respect to theuse of artificial intelligence, are forward-looking statements. Thesestatements are based on plans, estimates, expectations and/or goals at the timethe statements are made, and readers should not place undue reliance on them.Forward-looking statements can be identified by the use of forward-lookingterms such as "may," "will," "should," "expect," "opportunity," "intend,""plan," "anticipate," "believe," "estimate," "predict," "potential," "target,""goal," or "continue," or the negative of these terms or other comparableterms. Forward-looking statements involve inherent risks and uncertainties andthere are a number of important factors could cause actual results to differmaterially from those contained in any such forward-looking statements,including, among others, risk factors that are described in the Company'sAnnual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filingswith the SEC, including the section entitled "Risk Factors" containedtherein. The Company cautions that forward-looking statements should notbe relied on as predictions of future events, and these statements are notguarantees of performance or results. Forward-looking statements herein speakonly as of the date each statement is made. The Company undertakes noobligation to update any of these statements in light of new information orfuture events, except to the extent required by applicable law.