Chicago-based freight brokerage Coyote Logistics has recently confirmed that it has made significant job cuts in its sales and operations divisions. The company has not disclosed the exact number of employees affected or the percentage of the workforce impacted by the layoffs.
This decision follows a month after Coyote Logistics, a subsidiary of UPS Inc. (NYSE: UPS), offered voluntary separation agreements to senior managers and directors, marking the fourth round of layoffs in 2023. In a statement to FreightWaves, Coyote stated that they are restructuring their Sales and Operations structures to align with the needs of the business, leading to the elimination of some positions.
A spokesperson for Coyote emphasized the importance of their employees and mentioned that steps have been taken to minimize the impact on them. The company is offering comprehensive severance and outplacement services to support those affected by the layoffs. These changes, although difficult, are deemed necessary to ensure that the company’s workforce and corporate structures align with evolving business needs.
Coyote employees were notified of the layoffs through an email from the human resources department, acknowledging the challenges and offering support during this time. The new CEO, Sandeep Pisipati, is expected to provide more details about the restructuring in the coming days.
In a similar move, Uber Freight, another Chicago-based digital brokerage, announced the reduction of up to 50 jobs earlier this week. This trend reflects a challenging time in the industry, with companies making difficult decisions to adapt to changing market conditions.
For more information, visit FreightWaves for news on medical logistics companies divesting trucking and cross-dock operations, Uber Freight’s job cuts, and a shuttered California trucking company filing for Chapter 7 bankruptcy.
