People on the Move
QXO Names New CFO, Moves Essaid to Lead M&A
Dev Ahuja will join QXO from Novelis as Ihsan Essaid shifts into an executive role overseeing acquisitions and capital raising
QXO is reshuffling its executive ranks as the building products giant continues pursuing an acquisition-driven growth strategy. The company named longtime Novelis finance chief Dev Ahuja as its new chief financial officer and moved current CFO Ihsan Essaid into a role leading mergers and acquisitions.
Greenwich, Conn.-based QXO announced Nov. 12 that Ahuja will become CFO in January 2027. Essaid, who has held the position since July 2024, will also become vice chairman.
Despite the title, Essaid's promotion is not a seat on QXO's board of directors, a company representative confirmed to Roofing Contractor. Instead, it is an executive position that effectively makes Essaid QXO's internal M&A leader. He will work closely with Chairman and CEO Brad Jacobs to oversee mergers and acquisitions and advance the company's capital-raising activities, reporting to Jacobs.
“M&A is a core driver of value creation for QXO,” Jacobs said. “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 move puts Essaid at the center of the acquisition strategy QXO is relying on to reach that target while bringing in a CFO with significant experience financing and integrating large acquisitions.
Ahuja has served as CFO of aluminum products manufacturer Novelis since 2016 and has more than two decades of corporate finance experience. Before Novelis, he held CFO positions with Novartis businesses in North America, Japan and South Korea.
At Novelis, Ahuja helped complete and integrate the company's $2.8 billion acquisition of Aleris and oversaw $8 billion in M&A financing and debt refinancing during his tenure, according to QXO.
“Dev has led global finance teams through major capital transactions and the integration of key acquisitions,” Jacobs said. “He'll be a strong partner as we continue to grow QXO and create value for our shareholders.”
QXO has established a major position in roofing and other building products distribution. The company describes itself as the second-largest distributor of roofing products, the largest distributor and installer of insulation, the largest distributor of waterproofing products and the second-largest publicly traded distributor of lumber and building materials.
The executive changes also come just days after Jacobs announced plans for a separate $1 billion-backed public company through Jacobs Private Equity II and CKX Lands. Jacobs told investors earlier this week that he remains fully committed to QXO while pursuing the new venture.
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