Flexport Inc. Chief Executive Officer Dave Clark is abruptly leaving the startup after a year at the company, making way for the return of its founder, Ryan Petersen, and highlighting pressure on startups in the logistics industry after a pandemic boom.
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 that he is best suited to lead the company in that direction.”
The news was a surprise in tech circles. As recently as Tuesday, Clark posted on LinkedIn about plans to speak next week in Seattle at a Flexport “exclusive launch event.” It also followed a major announcement in May, where Flexport agreed to acquire Shopify Inc.’s logistics unit for a 13% stake in the startup.Bloomberg