Company: QXO-PB
Filing Date: 2025-03-07
Form Type: DFAN14A
Source: 0000950142-25-000649
Chunk: 11

Company: QXO, Inc.
Filing Date: 2025-03-07
Form: DFAN14A
Chunk 11
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 Chairman
of chemicals distributor Univar Solutions. He formerly was president, CEO and Chairman of PolyOne Corp. (now Avient). Newlin is currently
Chairman of Oshkosh Corp.

Joseph Reitmeier — Former CFO of Lennox International.
Since 2016, he has served on the board of Watts Water Technologies.

Wendy Whiteash — Former EVP, Integration and Strategic
Priorities for building materials distributor US LBM Holdings. She previously served as US LBM’s Chief Human Resources Officer.
Whiteash spent the first 17 years of her career with Ferguson Enterprises.

“We are proposing a slate of high-caliber, independent director nominees
who are astute at delivering value to shareholders of large public companies,” said Brad Jacobs, QXO Chairman and CEO. “If
elected, our nominees would give Beacon’s shareholders a direct voice in advocating for an independent evaluation of QXO’s
proposal.

A QXO spokesperson provided MDM the following notes about the proposed
board:

| · | All have industrial sector experience |

| · | 80% have public board experience |

| · | 70% have building products distribution experience |

| · | 70% have CEO or CFO experience |

| · | 60% have M&A experience |

Morgan Stanley & Co. is QXO’s lead financial advisor, and Paul,
Weiss, Rifkind, Wharton & Garrison LLP is its legal counsel.

Beacon Responds

Shortly following QXO’s announcement, Beacon’s board provided
a response of its own, saying QXO’s proposal is an “attempt to pressure Beacon’s board into accepting an unchanged offer
price that significantly undervalues Beacon’s prospects for growth and value creation, which the board previously rejected.”

The statement defended Beacon’s board members, noting their qualifications
and role in generating shareholder value:

“Beacon’s Board consists of ten highly qualified directors – nine of whom are independent – who have been critical in overseeing the Company’s successful execution of its Ambition 2025 plan, which generated total shareholder returns of more than 200% during the past five years1 and delivered above market growth and superior financial and operational results, including 11 straight quarters of record net sales.

Each of our Board members brings the skills, knowledge, experience and tenure necessary to guide the company’s strategic and operational direction, as well as a firm and demonstrated commitment to acting in the best interests of Beacon and all of its shareholders. Their expertise spans an array of