Jeff Musser

Jeff Musser has served as President and CEO of Expeditors International of Washington since 2014. The company is one of the world's largest non-asset-based freight forwarders, arranging air and ocean freight transportation, customs brokerage, distribution, and supply chain management services for clients across every major trade lane globally. Expeditors' business model is distinctive in the logistics industry: the company owns no planes, ships, or trucks, instead purchasing capacity from carriers and adding value through consolidation, routing optimization, customs expertise, and supply chain visibility. This asset-light approach delivers industry-leading operating margins and returns on capital, though it means Expeditors is essentially a service and technology company rather than a transportation company. The company's culture is also distinctive — Expeditors operates a decentralized, profit-sharing model where branch managers operate almost as entrepreneurs, with compensation heavily tied to branch profitability. Musser's key challenges include navigating the cyclicality of global trade volumes and freight rates (which surged during COVID-era supply chain disruptions and subsequently normalized), competing with digital freight forwarders, investing in technology to maintain competitive advantage, and managing the U.S.-China trade relationship that drives a significant portion of the company's volumes. Freight rate trends, trade volume growth, and operating margin maintenance are the primary stock drivers.