Flexport cuts 20% of workforce to streamline operations
Ryan Petersen, Founder and CEO of Flexport, the platform for global logistics
- Flexport, a supply chain software startup, is planning to reduce its global workforce by approximately 20% in a new round of layoffs.
- The layoffs were communicated to employees via a memo from Flexport CEO Ryan Petersen, with notifications sent to impacted employees starting on a Friday.
- The company employed around 3,500 people as of late September, according to Pitchbook data.
- The layoffs come amid recent turmoil at the company, including the return of Ryan Petersen as CEO, who ousted his hand-picked successor, Dave Clark. Petersen cited overspending and overhiring during Clark’s tenure.
- Flexport aims to return to profitability by the end of the next year and intends to maintain the quality of its services. The affected employees will receive severance packages, health care coverage, and other support, depending on their location.
