Buzzy trucking startup Transfix shuffles leadership, names new CEO as brokers suffer amid freight recession
Former Transfix CEO Drew McElroy, who co-founded the freight-brokerage startup in 2013, stepped down from the top role on Friday. He's now chair of the board. As other digital freight marketplaces report layoffs, Transfix's employment growth has slowed in recent years and the company hasn't raised funds since December 2018.
Transfix's core product offering is an app and website that pairs truck drivers who need jobs with retailers or manufacturers who have loads to move. The goal is to automate the process, which could eliminate remarkable inefficiencies across the $800 billion trucking industry — a vision was so enticing that, not even an hour into its existence, Transfix was taking calls from Barnes & Noble.
"We're incredibly humble team," Shen told Business Insider. "We've been quietly working incredibly hard at building a really strong and sustainable business." "I'm a connector, and I constantly think about ways in which you can further enable that — whether it's through automation or through processes or through community building," Shen said.
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