FourKites confirms 15% cut in global workforce, dismisses key exec

Supply chain visibility platform FourKites confirmed it has reduced its workforce across offices in the United States and Europe by 15% this week.

“With these changes in place, along with the recent realignment of our leadership team, we are accelerating our timeline to profitability, taking our burn rate to zero — now — and reducing our reliance on capital markets,” a FourKites spokesperson told FreightWaves.

The move included the departure of another key executive, Glenn Koepke, vice president of strategy. Koepke played a crucial role in leading industry strategy and go-to-market execution, particularly in sectors like food and beverage, consumer packaged goods, and logistics solutions. Koepke told FreightWaves he is excited about what is next for his career in logistics.

“It is painful to say goodbye to so many talented, passionate and committed employees who will be impacted by these decisions. … We are committed to ensuring that every person impacted by this action is taken care of, and we are working closely with those team members on financial and career assistance,” said FourKites.

Past leadership shake-up

This move follows FourKites’ reshuffling in November of its leadership team, with President Rocky Subramanian’s departure and Priya Rajagopalan assuming the role of chief customer officer. Sean Fallon also rejoined the team as chief strategy officer. The company labeled these moves “routine internal organizational changes” at the time.

FourKites, valued at $1 billion last year, has experienced challenges amid a tough market for supply chain visibility platforms. Industrywide factors, including a depressed freight market and reduced investment deals, have impacted venture-backed startups. The workforce reduction and leadership changes align with the company’s strategy to navigate these challenges and position itself for success.

“We have continued to lead the market in innovation, and we have the most impressive customer roster in the business. We are 100% confident that we are positioned for sustainable growth and long-term success that will enable us to deliver consistent value to our customers,” said FourKites.