DIRS.INFO The most relevant business & tech news

☆ Shopify embraced a 'new shape' after a post-pandemic slump and has charted an 18-month comeback
▼ + stars: | 2024-04-29 | by ( Madeline Stone | ) www.businessinsider.com time to read: +8 min

Read previewIn October 2022, Shopify's once high-flying stock hit its lowest price since before the Covid pandemic. AdvertisementNow, after two rounds of layoffs and a divestment of its fulfillment and logistics business, the picture looks a bit different for Shopify. Shedding a "money-losing logistics business"Dropping logistics and fulfillment is a major part of Shopify's stock comeback story. In May 2023, Shopify announced it would be selling the logistics business entirely to Flexport. In May 2023, Shopify cut another 20% of its workforce as it sold its logistics business to Flexport.

Persons: —, Shopify's, Shopify, Oppenheimer, Ken Wong, Wong, D.A, Davidson, Gil Luria, Tobi Lütke, Lütke, Luria, Morgan Stanley, Jeff Hoffmeister, Bhavin Shah, GMV, We've, Shah Organizations: Service, Business, Systems, Investors, SEC, Deutsche Bank Locations: Salesforce, mstone@businessinsider.com

☆ A Delta Boeing 767 made an emergency landing after its exit slide fell off midair
▼ + stars: | 2024-04-27 | by ( Cameron Manley | ) www.businessinsider.com time to read: +4 min

A Delta flight from NYC to LA had to turn back after its emergency exit slide detached. AdvertisementA Boeing plane was forced to make an emergency landing on Friday after an emergency slide fell off the aircraft. The Delta spokesperson said the airline was "fully supporting retrieval efforts and will fully cooperate in investigations." In a second statement, Delta said that the incident set off an emergency alarm. AdvertisementDelta Airlines 767-332ER makes emergency return to John F. Kennedy International Airport after losing its right-hand side emergency slide.

Persons: —, Delta, John F, Flexport, Max Organizations: Boeing, Service, Delta Air Lines, New York's JFK, Delta, Kennedy, Airport, Breaking Aviation, JFK, Business, Federal Aviation Administration, Air Lines, Kennedy International, FAA, Alaska Airlines Locations: NYC, LA, JFK, New York's, New York, Portland , Oregon

☆ The man who led Google Photos to 1 billion users is now the newest group partner at Y Combinator
▼ + stars: | 2024-04-18 | by ( Melia Russell | ) www.businessinsider.com time to read: +7 min

Lieb, having a background in semiconductors and not server management, reached out to his fellow Y Combinator founders for support. After a year and a half of advising at the accelerator, he's stepping up as a group partner, Y Combinator tells Business Insider exclusively. It was never released, but many of the ideas would later come back in the form of Google Photos. From there, he reached into the Y Combinator alumni network to find other promising upstarts. David Lieb, second from left, speaks to a group of Y Combinator founders.

Persons: David Lieb, Lieb, Alex Polvi, Combinator —, Garry Tan, Jared Friedman, Harj Taggar, Michael Seibel, Sam Altman, it's, Y Combinator, " Lieb, Dan Lieb, Y, Xoogler, Patrick, John Collison's, Mixpanel, Jake Mintz, Forbes, Kevin Systrom, Flock, Andy Huibers, Mary, 72m2YgJZq8 — David Lieb, Ryan Peterson, He's Organizations: Apple, Business, Investors, Google Locations: Cloudkick, San Francisco, Silicon Valley, Flexport

☆ A staggering amount of money is slipping away due to the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Experts told Business Insider that the port alone contributes $15 million in daily economic activity, which will come to a near standstill "until further notice." While some cargo will have to wait, container ships can largely be rerouted to other east coast locations. Ryan Peterson, the CEO of global logistics firm Flexport, told Business Insider that 800 containers of his were destined for Baltimore, and are now being rerouted. And it's unclear whether East Coast ports will have enough available capacity to absorb Baltimore's container volume, Petersen said. A risk for Baltimore will be whether those route changes are temporary, or if they'll have a lasting impact on the port's business.

Persons: —, Baltimore's Francis Scott Key, Port, Anirban Basu, It's, Basu, Daraius Irani, Ryan Peterson, Petersen, we're, Martin Dresner Organizations: Service, Business, Sage Policy, Regional Economic Studies, Towson University, University of Maryland's Smith School of Business Locations: Port of Baltimore, Baltimore, East Coast, West Coast

☆ Lessons for Baltimore: How Minneapolis recovered from its 1-35W bridge collapse 17 years ago
▼ + stars: | 2024-03-27 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —The collapse of the the Francis Scott Key Bridge in Baltimore on Tuesday is unfortunately not the first deadly collapse of a major interstate bridge in the US. About 140,000 cars a day traversed the I-35W bridge that once stood more than 100 feet above the Mighty Mississippi. Steve Helber/APIt’s not a complete apples to apples comparison between the I-35W bridge and the Key Bridge. The Key Bridge had about 22% of the daily traffic of the I-35W Mississippi River Bridge; however, the Minneapolis bridge was about 22% the length of the truss bridge in Baltimore. In the immediate aftermath of the Key Bridge collapse, Levinson told CNN that this event should hopefully bring attention to vulnerabilities of critical pieces of infrastructure.

Persons: Francis Scott Key, ” Christopher Phelan, Minneapolis , Minnesota Mandel Ngan, MnDOT, Nancy Daubenberger, George W, Bush, ” Phelan, Tim Walz, Steve Helber, ” Ryan Petersen, David Levinson, ”, Levinson, Feng Xie, Xie, ” Levinson Organizations: Minneapolis CNN, Twin, University of Minnesota, CNN, Getty, Minnesota Department of Transportation, NPR, US, Minnesota, Minnesota Gov, Coast Guard, Port, University of Sydney, Minneapolis Star, Transportation Planning, Technology Locations: Minneapolis, Baltimore, Mississippi, Twin Cities, Mighty Mississippi, Minnesota, Minneapolis , Minnesota, AFP, City, Lakes, Anthony Falls, Maryland, Baltimore , Maryland, Port of Baltimore, Australia

☆ Here's who could be responsible for paying for the Baltimore bridge disaster
▼ + stars: | 2024-03-27 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +5 min

Read previewThe Francis Scott Key Bridge in Baltimore collapsed on Tuesday after a large container ship ran into it, leading to six presumed deaths and millions of dollars in possible damage. President Joe Biden said on Tuesday the federal government should be responsible for paying to reconstruct the damaged Francis Scott Key Bridge. The Francis Scott Key Bridge, named for Francis Scott Key, the author of the Star Spangled Banner. Drone footage shows aftermath of the Dali container ship's collision into the Francis Scott Key Bridge in Baltimore, Maryland, on March 26, 2024. AdvertisementThe Dali is covered by the Britannia Steam Ship Insurance Association Ltd., known as Britannia P&I Club, according to S&P Global Market Intelligence.

Persons: —, Francis Scott Key, It's, Joe Biden, Biden, David MacKenzie, Dali, Ryan Petersen, Petersen, John Miklus, Britannia Organizations: Service, Business, Sky News, Star, Getty Images Baltimore, Maersk, Synergy Group, Anadolu Agency, Reuters, American Institute of Marine Underwriters, Insurance, Britannia Steam Ship Insurance Association Ltd, P Global Market Intelligence, International Group Locations: Baltimore, Dali, Singapore, Baltimore , Maryland, Britannia, London

☆ Baltimore port closure could cost $15 million per day in lost economic activity
▼ + stars: | 2024-03-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The Port of Baltimore is closed "until further notice" following the collapse of a major bridge. Experts say the closure alone will bring some $15 million of daily economic activity to a halt. Experts told Business Insider that the port alone contributes $15 million in daily economic activity, which will come to a near standstill "until further notice." While some cargo will have to wait, container ships can largely be rerouted to other east coast locations. And it's unclear whether East Coast ports will have enough available capacity to absorb Baltimore's container volume, Petersen said.

Persons: —, Baltimore's Francis Scott Key, Port, Anirban Basu, It's, Basu, Daraius Irani, Ryan Peterson, Petersen, we're, Martin Dresner Organizations: Service, Sage Policy, Regional Economic Studies, Towson University, University of Maryland's Smith School of Business Locations: Port, Baltimore, Port of Baltimore, East Coast, West Coast

☆ There's been a rebound in volatile shipping stocks. The market opportunity isn't over, report says
▼ + stars: | 2024-03-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

During 2022-2023, ocean carriers used some of those reserves for their own buying sprees to expand their footprints. While adding to the ocean carrier bunker fuel costs, they are being compensated.. "The Red Sea diversions are a good thing for ocean carriers. The big question mark is the duration of the diversions and the surcharges the ocean carriers can charge. Those two regions have steadily taken market share away from the West Coast ports, with shippers also benefitting from investments in ports infrastructure. "The West Coast ports have strengthened infrastructure," Iampieri said.

Persons: Marc Iampieri, Cash, Iampieri, Jeff Bezos, It's, Paul Brashier, Brashier, AlixPartners Organizations: Bloomberg, Getty, Dow Jones Transportation, Fortune, Convoy, Amazon, Technology, Ocean, Maersk, CNBC, ITS Logistics Locations: Panama, Red, East Coast, AlixPartners, Flexport, Europe, North America, Asia, West Coast, East, Gulf, Mexico, West, Los Angeles, Long

☆ Shopify shares down after company reports light guidance
▼ + stars: | 2024-02-13 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Shopify shares slid about 10% on Tuesday morning after the Canadian e-commerce company reported better-than-expected earnings for the fourth quarter but gave mixed guidance for the current period. Shopify's light first-quarter guidance overshadowed the earnings and revenue beat. The company said it expects free cash flow margin to be in the high single digits, below Wall Street's projected 13.6%. In a research note published Tuesday, Wedbush analysts highlighted that Shopify's guidance implies operating income "well below our estimates and consensus." The company's forecast implies adjusted operating income of $178 million, while consensus estimates are for $382 million, the analysts said.

Persons: Jeff Hoffmeister, Wedbush, Shopify Locations: Ottawa , Ontario, Canada

☆ Shopify Fulfillment Network is back — sort of. Here's why it's different this time around.
▼ + stars: | 2024-02-08 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

The new app has a familiar name: Shopify Fulfillment Network. With the new Shopify Fulfillment Network , merchants can sign up to use Flexport's services through Shopify's app. The newly named Shopify Fulfillment Network is not merchants' only option for fulfillment. Wong said the company had also indicated Flexport would not be the exclusive provider for Shopify Fulfillment Network. "They've definitely given themselves more choices than there were before when it was just Shopify Fulfillment Network or bust," he said.

Persons: Shopify, Tobi Lütke, Oppenheimer, Ken Wong, Wong, It's, Flexport, They've Organizations: Shopify Logistics, Business, Shopify, Flexport, Amazon Locations: Flexport, mlstone@protonmail.com

☆ Flexport has laid off 15% of workers
▼ + stars: | 2024-01-31 | by ( Madeline Stone | ) www.businessinsider.com time to read: +1 min

Flexport laid off 15% of employees on Wednesday. Flexport last laid off employees in October. AdvertisementFlexport laid off 15% of its workforce, or about 400 workers, on Wednesday, according to a person familiar with the matter. The cuts mainly impacted employees in North America's corporate overhead and research and development. The freight forwarder last laid off workers in a round of cuts that impacted 20% of the company in October.

Persons: Flexport, —, Ryan Petersen Organizations: Service Locations: North

☆ The Red Sea crisis tests China’s global ambitions
▼ + stars: | 2024-01-30 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

China’s responseThe Houthi rebels in Yemen started firing missiles and drones at ships in the Red Sea in mid-November, in what they say is an act of solidarity with Palestinians. Chinese officials repeatedly stressed that the Red Sea crisis is a “spillover” from the conflict in Gaza, citing an immediate ceasefire between Israel and Hamas as the top priority. Beijing’s reluctance to wade into the Red Sea crisis reflects these geopolitical calculations. The Chinese government readout of the meeting between Wang and Sullivan did not mention the Red Sea. Egypt is losing millions of dollars per day from the reduced traffic at the Suez Canal at the northern end of the Red Sea.

Persons: Houthi, “, ”, Mordechai Chaziza, Xi Jinping, Israel, ” Chaziza, Wang Yi, Jake Sullivan, Iran ”, we’re, Wang, Sullivan, Ebrahim Raisi, Yan Yan, OOCL, Kuehne + Nagel, Jonathan Fulton, “ can’t, ” Fulton, William Figueroa, Xi Organizations: Hong Kong CNN, Ashkelon Academic College, Beijing, Iran, People’s Liberation Army Navy, Britain, United Nations Security Council, Global, Western, Chinese Foreign, White House, Reuters, Chinese Foreign Ministry, China, Shanghai Shipping Exchange, Atlantic Council, University of Groningen, Xi’s Global Security Initiative, GSI, Hamas Locations: Hong Kong, Red, Israel, Ashkelon, United States, China, Europe, Yemen, Gulf, Aden, Djibouti, Beijing, Gaza, Bangkok, Iran, Tehran, Africa, Switzerland, Francisco, Shanghai, Abu Dhabi, Egypt, Suez, Sea, Saudi Arabia, Netherlands

☆ Focused Cuts and Fewer Layers: Tech Layoffs Enter a New Phase
▼ + stars: | 2024-01-30 | by ( Mike Isaac | ) www.nytimes.com time to read: +1 min

Amazon, Google and Microsoft also cut tens of thousands of workers. And the companies — including X, formerly known as Twitter, which has chopped nearly 80 percent of its staff since late 2022 — continued operating. And a month into 2024, tech companies have entered a new phase of cost cutting. After last year’s widespread layoffs, the largest firms — including Amazon, Google and Microsoft — have in recent weeks made smaller, targeted job trims while focusing on fewer projects and shifting resources to key products such as artificial intelligence. Some tech start-ups — such as Flexport, Bolt and Brex — have slashed more deeply to stave off potential extinction.

Persons: Mark Zuckerberg, — Organizations: Meta, Google, Microsoft

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was “impacting everyone and something we’re very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was “only mildly impacted by the transit challenges in the Red Sea."

Persons: What’s, Ryan Petersen, Petersen, It’s, Clifton Broumand, Broumand, —, ”, “, it’s, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, it's, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti, ____ Anderson, Kelvin Chan, Anne D'Innocenzio, Yuri Kageyama, Tom Krisher, David McHugh Organizations: WASHINGTON, —, Hamas, Machine, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer, Free People, AP Business Locations: Belgium, Germany, British, Maryland, Asia, Ukraine, Yemen, Gaza, Europe, United States, Suez, Africa, “, Panama, Greater Landover , Maryland, Taiwan, China, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India, New York, London, Tokyo, Detroit, Frankfurt

☆ Attacks on ships in the Red Sea are disrupting global trade. Here’s how it could affect what you buy
▼ + stars: | 2024-01-28 | by ( ) www.cnbc.com time to read: +8 min

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was "impacting everyone and something we're very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was "only mildly impacted by the transit challenges in the Red Sea."

Persons: It's, Petersen, Ryan Petersen, Clifton Broumand, Broumand, it's, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti Organizations: Galaxy, Houthis Media, Getty, Machine, Hamas, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer Urban Outfitters, Free People Locations: Iran, Yemen, Anadolu, Greater Landover , Maryland, Taiwan, China, Gaza, Panama, Asia, Europe, United States, Suez, Africa, Ukraine, Belgium, Germany, British, Maryland, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India

☆ The great startup cash crunch is underway — and it's forcing late-stage companies to face their demise
▼ + stars: | 2023-11-05 | by ( Vishal Persaud | ) www.businessinsider.com time to read: +5 min

The VC funding picture for late-stage startups is looking pretty grim with capital hard to come by. Some late-stage startups are now folding and selling off their best assets during this cash crunch. AdvertisementAdvertisementIt's been a pretty brutal year for startups and their founders looking to raise venture capital funding. AdvertisementAdvertisementThis longer wait time between rounds isn't totally surprising since VC funding this year has been its lowest since 2018. Startup extinction season is well underway and it seems as though we're seeing a startup per week bite the dust.

Persons: It's, —, Olive AI, Jeff Bezos, Bill Gates, Marc Benioff, Dan Lewis, Lewis Organizations: Service, Venture Monitor, US, Convoy, CNBC, Olive AI Locations: Canada

☆ Shopify shares surge 20% on earnings beat, rosy guidance
▼ + stars: | 2023-11-02 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Gross merchandise volume, or the total volume of merchandise sold on the platform, rose 22% to $56.2 billion during the quarter. The solid earnings beat comes after Shopify, which makes tools for companies to sell products online, has sharpened its focus on costs. The sale included Deliverr, the last-mile delivery company Shopify acquired for $2.1 billion last May. During the quarter, Shopify announced a partnership with Amazon that allows its merchants fast and free Prime delivery on their storefronts off Amazon. Shopify also invested in online marketplace Faire as part of a deal that will make it the recommended wholesale platform for Shopify merchants.

Persons: Shopify, Gross, FactSet, Jeff Hoffmeister Organizations: Amazon

☆ Flexport Buys Tech Backbone of Failed Startup Convoy
▼ + stars: | 2023-11-01 | by ( Liz Young | ) www.wsj.com time to read: 1 min

Flexport says it isn’t acquiring Convoy’s overall business or its liabilities, including physical assets such as real estate or truck trailers. Photo: CONVOYFlexport acquired the technology of collapsed digital freight business Convoy, a once-highflying startup that ceased operations last month, according to a memo Chief Executive Ryan Petersen sent staff Wednesday. Flexport plans to restore Convoy’s trucking services for its customers in the coming weeks, Petersen wrote in the memo. He said Flexport isn’t acquiring Convoy’s overall business or its liabilities, including physical assets such as real estate or truck trailers.

Persons: Flexport, Ryan Petersen, Petersen Organizations: Flexport, Convoy

☆ Flexport Is in Talks to Buy Failed Freight Firm Convoy’s Technology
▼ + stars: | 2023-10-27 | by ( Liz Young | ) www.wsj.com time to read: 1 min

Convoy, which was valued at $3.8 billion following an April 2022 funding round, has been weighed down by heavy debt and declining freight demand. Photo: CONVOYFlexport is in talks to buy the technology of collapsed digital freight startup Convoy, a move that would expand the freight forwarder’s push into the domestic U.S. trucking market as the company seeks to climb back into profitability, according to a person familiar with the talks. The conversations are continuing, the person said, but didn’t provide additional financial details.

Organizations: Convoy

☆ Ex-Shopify and Deliverr workers say layoffs, compensation issues at Flexport capped a 15-month rollercoaster: 'Honestly a bit relieved that it's over'
▼ + stars: | 2023-10-23 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Former Deliverr and Shopify employees told Insider last week's layoffs at Flexport capped the end of a multiyear rollercoaster marked by multiple complicated acquisitions and integrations, compensation issues, and culture clashes. The integration of the Shopify Logistics team into Flexport had been rocky, five employees said. When Shopify completed its acquisition of Deliverr in July 2022, employees' equity converted to Shopify stock on a one-to-one basis. This person added that the conversion from public stock to RSUs meant that the value of their Flexport equity was less than they expected. The structure allows Shopify employees to decide the percentage of their compensation they want to be made up of cash and how much of stock.

Persons: Flexport, Shopify, vesting, Severance, Ryan Petersen, Constant, Dave Clark, Petersen, Clark, Madeline Stone Organizations: Flexport, Shopify Logistics, Deliverr, Employees, US, Shopify Locations: Flexport's, Shopify, Deliverr, Flexport, reorgs, Amazon, mstone@insider.com

☆ Bezos-backed freight firm Convoy shuts down after slashing hundreds of jobs. Read the CEO's memo to employees
▼ + stars: | 2023-10-19 | by ( Riley De León | ) www.cnbc.com time to read: +2 min

Dan Lewis, co-founder and CEO of trucking logistics startup Convoy and a former Amazon executive, speaking at the CNBC Technology Executive Council summit it New York City on Oct. 29, 2019. Digital freight broker Convoy told employees Thursday that it's shutting down operations due to a "massive freight recession." The move comes just one week after supply chain software startup Flexport said it will lay off about 20% of its own workforce. Seattle-based Convoy was founded to disrupt the fragmented, low-tech freight brokerage business, in which truckers and customers connected by phone and fax. According to a memo sent to employees Thursday morning, Lewis said the company faced both an "unprecedented freight market collapse" and "dramatic monetary tightening."

Persons: Dan Lewis, Baillie Gifford, Lewis Organizations: Convoy, Amazon, CNBC Technology, CNBC Disruptor, U.K, Hercules, JPMorgan, Microsoft Locations: New York City, Seattle, Convoy's, Atlanta

☆ Flexport CEO Ryan Petersen tells employees 'get back to work people' amid rumors about layoffs that could come as soon as Friday
▼ + stars: | 2023-10-12 | by ( Madeline Stone | ) www.businessinsider.com time to read: +3 min

Flexport employees are bracing for layoffs they believe could come as soon as Friday. Meanwhile on Slack, Flexport CEO and founder Ryan Petersen told employees "Get back to work people!" The comment, which was viewed by Insider, came in response to a set of questions an employee posed about executives' tips for success. Insider first reported that Flexport was planning layoffs on September 7, the day after its former CEO Dave Clark departed. The next day, Petersen hinted at more changes through a series of posts on X, formerly known as Twitter, saying, "Strategic Plan, Day 1: Make better decisions!"

Persons: Slack, Flexport, Ryan Petersen, " Petersen, Dave Clark, Petersen, Clark, Madeline Stone Organizations: Employees, Street, Amazon, Shopify Logistics Locations: Amazon, Flexport, mstone@insider.com

☆ Flexport to cut 20% of staff one month after CEO shakeup
▼ + stars: | 2023-10-12 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —Supply chain management company Flexport said it plans to lay off 20% of its workforce on Friday, just one month after a chaotic CEO shakeup that played out, in part, on social media. In a memo to employees, Ryan Petersen, Flexport’s CEO and its founder in 2013, said the company’s decision to cut staff was made to help return Flexport to profitability without raising prices. He returned to his role as CEO last month after Dave Clark, a former Amazon executive who came on a year ago as CEO, announced his resignation. Last month Petersen also announced Flexport would rescind outstanding job offers days before some applicants were scheduled to start working. At the time, Flexport said the staff reduction was a result of a “macroeconomic downturn that has impacted businesses around the world.”

Persons: Flexport, shakeup, Ryan Petersen, Dave Clark, Petersen, Clark, “, won’t, ” Petersen, It’s, ” Organizations: CNN, Supply, Amazon Locations: Flexport

☆ Flexport will lay off 20% of the company starting Friday, leaked memo says
▼ + stars: | 2023-10-12 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

Insider first reported on September 7 that Flexport was planning layoffs , the day after its former CEO Dave Clark departed. Team,Today I have a difficult decision to share: We will reduce the size of our global team by approximately 20% with the process starting tomorrow, Friday, October 13. We will also maintain a small team of dedicated recruiters to help departing Flexport employees look for their next opportunity. This team will work closely with over 300 companies that have expressed an interest in hiring departing Flexporters to match opportunities with impacted employees. We see endless opportunities for technology to improve on-time performance and reliability, upgrade compliance processes, and save businesses money in their global supply chain.

Persons: Flexporters, Flexport, Dave Clark, Petersen, You'll, we'll, Ryan Organizations: Street, Team, People, Employees Locations: U.S, Canada, Europe, Africa, Asia

☆ Flexport is laying off 20% of its workforce
▼ + stars: | 2023-10-12 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Supply chain software startup Flexport plans to cut approximately 20% of its global workforce as part of a new round of layoffs that's expected to begin on Friday, CNBC has learned. Flexport CEO Ryan Petersen sent a note to staffers Thursday afternoon informing them of the job cuts, according to a copy of the memo viewed by CNBC. The company will inform employees of whether they're impacted or not via email beginning Friday morning, Petersen wrote. A Flexport spokesperson pointed CNBC to a company blog post from Petersen confirming the layoffs. Petersen claimed repeatedly that Clark, a 23-year veteran of Amazon , overspent and overhired during his tenure at Flexport.

Persons: Ryan Petersen, Petersen, Dave Clark, Clark, Flexport Organizations: Milken Institute Global Conference, CNBC, Amazon Locations: Beverly Hills , California, U.S, Flexport, Canada, Asia

Search resuls for: "Flexport"

25 mentions found