NEWS FLASH: Cargomatic CEO Kessler out

The ousting of the co-founder of high profile Southern California-based truckload capacity marketplace Cargomatic, often referred to as the "Uber of trucking," follows drastic staff cuts in March.

NEWS FLASH: Cargomatic CEO Kessler out

The ousting of the co-founder of high profile Southern California-based truckload capacity marketplace Cargomatic, often referred to as the "Uber of trucking," follows drastic staff cuts in March.

NEWS FLASH: Cargomatic CEO Kessler out

The ousting of the co-founder of high profile Southern California-based truckload capacity marketplace Cargomatic, often referred to as the "Uber of trucking," follows drastic staff cuts in March.

 
Jonathan Kessler, the chief executive officer of trucking capacity marketplace Cargomatic, is due to step down today, multiple sources confirmed to American Shipper.
    The news marks a major point in the two-year-old company’s development as the poster child for an Uber-type application for freight. Kessler was a co-founder along with current Cargomatic President Brett Parker.
    The online platform was founded in early 2014 but gained notoriety in early 2015 as a technology that could match shippers with spare short-haul and less-than-truckload capacity in Southern California as port congestion in the area gripped the industry. The application soon grew to other markets, including New York and San Francisco.
    Its profile grew in 2015 thanks to a partnership with the Port of Los Angeles to develop a so-called “free flow” program, which allows terminals to create dedicated piles of containers for large customers or certain destinations.
    Despite this growth, last month, Business Insider reported that Cargomatic had let go of more than 50 employees.
   Industry executives have consistently told American Shipper they doubted the idea that the Uber model could be applied to the freight environment.
    The specific reasons behind Kessler’s departure were not immediately clear. According to the company’s website, it had raised more than $10 million in two different rounds of funding. Its investors include Canaan Capital, Morado Venture Partners, Volvo Group Venture Capital, SVAngel, Structure Capital, and Sherpa Capital.
    In March, Cargomatic said it had brought in two new sales executives to separately drive its large and small enterprise customer segments.
    The company derives revenues through a fee collected for any load arranged via its platform.

I’m not going to say the cost of fuel isn’t an issue, but if we have properly accounted for it within contracting it’s really about how you administer it for how it affects your bottom line.

Yang Ming Marine Transport Corp. posted revenues of NTD 35.08 billion (U.S. $1.14 billion) for Q1 2019, up 13% year-over-year, while fellow Taiwanese shipping company Evergreen Marine Corp. posted revenues of NTD 45.70 billion for Q1 2019, up 24% year-over-year.

Most Popular
Latest News
Social Media

Loading...

APL parent NOL posts $105m loss in Q1

APL parent NOL posts $105m loss in Q1

Embed this story

Share Code Version 1

This version will embed the story headline and includes HTML fallback protection, ensuring the story will display even if some users decide to disable javascript in their browsers.

Copy & Paste the following code to embed this story on your website:

Preview

NEWS FLASH: Cargomatic CEO Kessler out

The ousting of the co-founder of high profile Southern California-based truckload capacity marketplace Cargomatic, often referred to as the "Uber of trucking," follows drastic staff cuts in March.

on May 06, 2016AmericanShipper.com

Share Code Version 2

This version will embed the story headline without any styling applied. Use this version if you will use your own custom styling on your website. This version also includes HTML fallback protection.

Copy & Paste the following code to embed this story on your website:

Preview

NEWS FLASH: Cargomatic CEO Kessler out

The ousting of the co-founder of high profile Southern California-based truckload capacity marketplace Cargomatic, often referred to as the "Uber of trucking," follows drastic staff cuts in March.

on May 06, 2016AmericanShipper.com