Flexport, a freight forwarder, has confirmed plans to lay off approximately 20% of its global workforce. The layoffs come as part of cost-cutting measures to focus on growth with profitability.
The layoffs will impact employees worldwide, including those in the US, Canada, and Asia. The company has not disclosed the exact number of employees affected but has employed around 3,500 people as of late September, according to sources.
The layoffs are expected to occur by the end of the month after a series of leadership changes, including the return of founder Ryan Petersen as CEO and the departure of former CEO Dave Clark.
Analyst QuickTake: This marks the second round of layoffs for Flexport this year. The company laid off around 20% of its global workforce in January 2023 as well, citing the global macroeconomic downturn and declining trade volumes.
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