(Bloomberg) — Flexport Inc . CEO Dave Clark is leaving the logistics startup after a year at the company, making way for Flexport’s founder, Ryan Petersen, to return as CEO.
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“Today, Dave Clark resigned as CEO of Flexport,” the company said in a statement. “Founder Ryan Petersen returns as CEO. Ryan and the rest of the board thank Dave Clark for his leadership over the past year.”
In a memo to staff Wednesday, Clark wrote: “Today, Ryan and I discussed his desire to return to focusing on growth in the core freight business. In light of that, I feel he is best suited to lead the company in that direction. “
Clark’s sudden departure follows Flexport’s agreement in May to acquire Shopify Inc.’s logistics unit for a 13% stake in Flexport. The executive was scheduled to speak next week at a Flexport event in Seattle billed as an “exclusive launch event.”
Clark joined Flexport from Amazon.com Inc. last year, first as co-CEO and then as managing director. Previously, Clark spent two decades climbing the ranks at the e-commerce giant.
After stepping down from his duties at Flexport, Petersen announced in July that he had joined the Peter Thiel-backed venture capital firm Founders Fund as a partner.
Flexport is one of the country’s most prominent startups, having raised more than $2 billion in funding and been valued at $8 billion. Earlier this year, Flexport said it would cut 20% of its staff, which consisted of about 3,000 people, according to LinkedIn. At the time, Clark and Petersen cited a drop in shipping volumes that followed a pandemic surge.
Bloomberg Beta, the venture capital arm of Bloomberg LP, is an investor in Flexport.
–With assistance from Brendan Murray.
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