Flexport fired its CEO, CFO and HR chief resigned, 15 months after the logistics startup raised $1 billion in funding

Flexport fired its CEO, CFO and HR chief resigned, 15 months after the logistics startup raised $1 billion in funding

Time Stamp: September 27, 2023 1:06 PM
Source Node: 2903979

Early this month, Flexport founder Ryan Petersen removed Dave Clark as CEO and took back the reins of his supply chain software startup. Just three weeks later, Flexport has now fired its chief financial officer (CFO) Kenny Wagers, and its head of human resources has also resigned, CNBC reported.

The news comes about a little over a year after the logistics startup raised nearly $1 billion in funding led by Andreessen Horowitz and MSD Partners with a strategic investment from Shopify.

Per CNBC’s report, Flexport is currently undergoing significant changes in its leadership team. CFO Kenny Wagers was recently informed of his termination, with his last day being Friday. Stuart Leung, the head of finance at Flexport, is expected to take over as CFO, as he is considered a trusted figure by the company’s founder, Ryan Petersen.

Petersen recently resumed his role as CEO after ousting Dave Clark, who had been with Flexport for a year and was brought in to help the company move toward an IPO. Clark and Petersen initially served as co-CEOs, but Clark took over as the sole CEO in March.

Jennifer Boden, Flexport’s VP of people tech and employee experience, is also leaving the company, following her predecessor’s departure earlier this month. Michael Brown will assume a new role as Head of Restructuring and CEO Initiatives.

Flexport confirmed these changes but did not comment on the possibility of layoffs. This follows a series of leadership transitions in the company after Petersen’s return as CEO.

“Kenny Wagers made a tremendous impact at Flexport, and we are grateful for his contributions steering Flexport as one of the fastest-growing companies during his tenure. We wish Kenny the best as he pursues his next opportunities. Stuart Leung will become Flexport’s Chief Financial Officer and report to Ryan Petersen, CEO, effective immediately. Stuart has been with Flexport for nearly seven years having held vital senior leadership roles in finance, sales, and operations. As CFO, he will focus on leading Flexport’s return to profitability and growth.

Founded in 2013 by Ryan Petersen, Flexport is a full-service global freight forwarder and logistics platform using modern software to fix the user experience in global trade. Flexport enables buyers, sellers, and their logistics partners to ship, store, and trade goods.

“Michael Brown will take on the role of SVP, Head of Restructuring and CEO Initiatives. In this newly created role, he will focus on restructuring the business to be more customer-centric and leading our return to profitability. Jennifer Boden will be leaving Flexport to pursue new opportunities. We thank Jennifer for her leadership and wish her all the best in her future endeavors.”

In May 2022, Flexport raised $1 billion in funding led by SoftBank to deepen its technology and data capabilities, grow its global logistics infrastructure footprint, and invest in industry expertise to help clients navigate an increasingly complex global trade environment. Back then, the startup operated its own 747 aircraft and employed 1,066 people across 11 offices and four warehouses.

Flexport uniquely delivers a combination of advanced technology, physical logistics infrastructure, and human expertise, providing fast and predictable transit times, visibility and control, and lower supply chain costs to logistics and supply chain professionals across the globe.

First to market with purpose-built cloud software and data analytics platform, Flexport today connects almost 10,000 clients and suppliers across more than 200 countries, including established global brands like Georgia-Pacific as well as emerging innovators like Sonos. Flexport offers a full range of services, including ocean, air, truck, and rail freight, drayage and cartage, warehousing, customs and trade advisory, financing, and insurance.

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