Freight forwarder Flexport Inc. is cutting about 20% of its global workforce, or more than 600 workers, as the digital-focused business copes with falling shipping demand and repositions its operations to offer more supply-chain services.
Mr. Petersen in June had estimated gross revenue of nearly $5 billion in 2022.
The layoffs come amid a broader pullback in freight demand since the middle of last year as inflation has taken a toll on consumer demand and retailers have pulled back from earlier inventory restocking efforts.
Mr. Clark, who led Amazon.com Inc.’s logistics expansion over his 20-plus years with the company, started as co-CEO at Flexport in September alongside the freight forwarder’s founder, Mr. Petersen.
Mr. Clark is scheduled to fully take over the day-to-day leadership role on March 1, the company has said, and Mr. Petersen will then become executive chairman.