FreightWaves, a company that provides data to the logistics and trucking industry, has eliminated 16 jobs amid a downturn in the freight market, according to CEO Craig Fuller.
In a phone call, Fuller said the company is in the middle of one of the largest downturns in freight history. He had hoped the market was going to turn around, but it hasn’t recovered as fast as desired.
“We’re just concerned about bunkering down and riding out the storm,” Fuller said. “Unfortunately, we looked at the positions that we had in the organization and prioritized those that we felt like were most needed during this part of the cycle.”
Fuller said the layoffs include back office roles in human resources, marketing, sales and customer retention, bringing the headcount at FreightWaves Sonar to about 70 people.