San Francisco-based Flexport has, since August, swapped CEOs, rescinded job offers and cut top execs. Now, it's laying off hundreds of workers.
San Francisco-based Flexport is having a tough year financially, and the drama is hitting Bay Area workers yet again. The massive logistics tech startup took advantage of a pandemic-era boom in shipping costs to raise hundreds of millions of dollars but is struggling to live up to that billing. In just a single week in September, Flexport ousted its high-profile chief executive, cut his team of industry veterans and rescinded job offers with just days of notice.
6, Petersen and Clark met to talk — sort of. Clark was blindsided, according to a report from the Information, when Petersen was joined by a Flexport board member on the call. The pair told Clark his choices were to resign immediately or get fired by the board the next day. Clark announced his resignation on X, formerly known as Twitter, that afternoon, writing that he was proud of his work but that “founders have the right to change their mind.” Petersen was back on as CEO.
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