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U.S. logistics startup Flexport is engaged on a plan to chop as a lot as 30% of its workforce by the tip of this month, The Info reported Thursday, citing an individual accustomed to the plan.
The cuts have an effect on about 1,000 folks primarily based on the corporate’s headcount of round 3,300, the report mentioned. Flexport additionally plans different cost-cutting strikes.
The intently held firm mentioned CEO Ryan Petersen “has been very clear in the necessity to drive the expansion and price self-discipline required to return Flexport to profitability.”
Petersen final month returned as chief govt, changing Dave Clark, who had joined the corporate in mid-2022 after a protracted profession at Amazon.com.
Flexport has obtained $2.3 billion in funding and reached a valuation of $8 billion. The corporate final month launched a self-service logistics platform known as Revolution and a subscription service for automated work-flow instruments.
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