Flexport To Lay Off 20% Workforce
Flexport is laying off 20 per cent of its workforce, just weeks after its CEO resigned and the business sacked his hires.
Flexport is a supply chain business led by Dave Clark, a 23-year Amazon veteran. Clark quit after less than a year on the job, citing disagreements with founder Ryan Petersen. Following Clark's departure, Petersen took over as CEO and immediately began firing executives Clark had hired and rescinding previous job offers.
The corporation is currently laying off 20 per cent of its workforce. Petersen announced the layoffs in an open email to employees on Thursday, but employees would have to wait until Friday to find out who was affected.
Petersen emphasised the company's strong position in the future, claiming that the move will help it return to profitability.
"With more than $1 billion in net cash, following this change, Flexport is now in a great position to take advantage of the opportunities in front of us to return to profitability as soon as the end of next year," Petersen said in a statement. "In my first month back as CEO, I spoke with more than 100 of our top customers, and I hope to speak with hundreds more in the months ahead." Our customers clearly want us to be a profitable company on which they can trust to address critical supply chain problems.
