QXO Names Dev Ahuja CFO as Deal Push Targets $50 Billion

By Nathan Brooks

QXO will appoint Dev Ahuja as chief financial officer in January 2027 as the building-products distributor pursues $50 billion in annual revenue through acquisitions and organic growth. QXO said Ahuja will oversee financial operations, while current CFO Ihsan Essaid becomes vice chairman and focuses on mergers and acquisitions and capital raising.

Both appointments take effect in January 2027. Essaid will continue reporting to Brad Jacobs, QXO’s chairman and chief executive officer, but his new remit will center on identifying, financing and executing acquisitions.

Brad Jacobs, QXO’s Chairman and Chief Executive Officer, said:

“Dev has led global finance teams through major capital transactions and the integration of key acquisitions. He’ll be a strong partner as we continue to grow QXO and create value for our shareholders.”

A deal-finance operator arrives

QXO said Ahuja joins after serving as chief financial officer of aluminum products manufacturer Novelis since 2016. The company said he brings more than two decades of experience leading financial organizations at growth-oriented international companies.

At Novelis, Ahuja played an important role in the company’s $2.8 billion acquisition and integration of industrial manufacturer Aleris. He also oversaw initiatives involving organic expansion, operational performance and financial efficiency.

Novelis raised approximately $8 billion through acquisition financing and debt refinancing during Ahuja’s tenure. QXO cited that record, along with his acquisition-integration experience and global finance background, as support for its acquisition-led growth strategy.

Before Novelis, Ahuja held several financial leadership positions at Novartis. He served as CFO for Alcon North America, Alcon Japan and Novartis’ South Korean operation.

What does the CFO split change for QXO?

The announced structure divides day-to-day financial management from transaction and capital-raising work. Ahuja takes the finance role; Essaid moves to the vice chairman’s seat and will oversee the identification, financing and execution of acquisitions.

Essaid has served as QXO’s CFO since July 2024, so QXO is elevating an existing executive rather than bringing the M&A role in from outside. He will remain close to Jacobs, and QXO says the arrangement retains his experience inside the executive team.

For shareholders, the change creates clearer accountability without altering QXO’s stated growth strategy. Essaid will keep M&A and capital raising under his remit, while Ahuja oversees financial operations. Essaid’s direct reporting line to Jacobs keeps the transaction agenda close to the CEO.

The arrangement also defines the new CFO’s mandate. QXO says Ahuja will run financial operations, while Essaid handles the identification, financing and execution of acquisitions. That is a practical division of labor as QXO pursues $50 billion through acquisitions and organic growth.

The market behind the target

QXO distributes and installs building products across North America. The company estimates its addressable market at $800 billion and plans to reach $50 billion in annual revenue through a combination of acquisitions and organic growth.

QXO described its position within that market as follows. Its rankings span insulation, waterproofing, roofing and lumber:

• North America’s largest distributor and installer of insulation.
• North America’s largest distributor of waterproofing products.
• The second-largest distributor of roofing products.
• The second-largest publicly traded distributor of lumber and building materials.

The stated path is not acquisition-only. QXO explicitly includes organic growth, which makes Ahuja’s experience with operating performance and financial efficiency relevant alongside Essaid’s transaction work.

Brad Jacobs said:

“M&A is a core driver of value creation for QXO. Ihsan will continue to work closely with me as we pursue the company’s goal of $50 billion in annual revenue within the decade.”

The next test is whether QXO can turn Ahuja’s financing and integration experience into completed acquisitions while preserving Essaid’s continuity. Progress toward the $50 billion goal will show whether the new division strengthens execution or merely redraws management responsibilities.