Flexport Inc., a supply chain software startup, has experienced significant changes in its leadership team. Just three weeks after founder Ryan Petersen fired the CEO and took back control of the company, Flexport has now ousted its chief financial officer and seen its human resources chief resign.
According to sources familiar with the matter, CFO Kenny Wagers was informed last week that he was being let go, with his last day at the company being Friday. Stuart Leung, head of finance at Flexport, is expected to take over as CFO. Leung has been with the company for seven years and is seen as a trusted associate of Petersen.
This personnel shakeup comes after Petersen reclaimed the top position at Flexport on September 6, following the resignation of former CEO Dave Clark. Clark, a former Amazon executive, was hired by Petersen last year to help the company move towards an initial public offering (IPO).
In addition to the CFO change, Flexport’s vice president of people tech and employee experience, Jennifer Boden, has also decided to leave the company. This follows the departure of her predecessor, Darcie Henry, who was let go by Flexport.
Flexport confirmed these personnel moves but declined to comment on possible layoffs. However, they did announce that Michael Brown will take on a new role as Head of Restructuring and CEO Initiatives.
Flexport, which was founded in 2013 as a freight forwarder, has recently expanded its services to become an end-to-end supply chain company. It has raised significant funding from investors such as Peter Thiel’s Founders Fund, Andreessen Horowitz, and SoftBank.
While Flexport experienced growth during the COVID-19 pandemic due to increased e-commerce activity, it has also faced challenges in the past year due to the global economic downturn and its impact on global freight movements.
The company had been working towards an IPO, with an internal document indicating a targeted debut in 2025. However, the focus now seems to be on cost-cutting, and further layoffs are expected in the near future.
Flexport previously laid off around 20% of its workforce, approximately 640 employees, in January of this year.
As the company navigates these leadership changes and shifts its strategy, the industry will be closely watching Flexport’s next moves and how it adapts to the evolving economic landscape.