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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 Data reported Thursday, citing an individual accustomed to the plan.
The cuts have an effect on about 1,000 individuals based mostly on the corporate’s headcount of round 3,300, the report mentioned. Flexport additionally plans different cost-cutting strikes.
The carefully held firm mentioned CEO Ryan Petersen “has been very clear in the necessity to drive the expansion and value self-discipline required to return Flexport to profitability.”
Petersen final month returned as chief government, changing Dave Clark, who had joined the corporate in mid-2022 after an extended profession at Amazon.com.
Flexport has acquired $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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