Logistics technology provider Slync.io announced Tuesday that it has named John Urban as CEO and chairman of the board, replacing Chris Kirchner, who was fired in August.
Urban, who co-founded and grew GT Nexus into one of the world’s largest cloud-based software-as-a-service networks, has served as a strategic adviser for Slync.io since 2018, according to Tuesday’s Business Wire press release.
“Slync’s product and engineering teams have built an ultra-configurable platform that enables 3PLs and BCOs to digitalize, automate and optimize logistics processes across the supply chain network, in weeks, not years, and by augmenting, not replacing, entrenched legacy systems,” Urban said in a statement. “Slync’s orchestration platform is enabling unprecedented productivity gains today for some of the world’s largest logistics networks and we’re just getting started.”
Urban must regain the trust of the company’s clients, who were left in limbo amid fallout related to Kirchner’s tenure. He was terminated Aug. 5 after failing to pay employees for months, using his private jet to fly to celebrity golf tournaments and attempting to buy an English soccer team.
A source privy to the company’s financial woes said Kirchner inflated Slync’s financials to the board, claiming the company had raked in nearly $30 million in 2021 when actual revenue was around $1 million.
“Organizations need technology solutions to reduce costs, improve margins and proactively avoid risk in their supply chains, particularly in inflationary times such as these,” Darren Cohen, global co-head of Growth Equity at Goldman Sachs Asset Management Division and a Slync board member, said in a statement.
“Slync’s solution continues to deliver a competitive advantage for its clients year-over-year, and we are very pleased that John Urban will lead the company as Slync’s new CEO,” Cohen said. “He has deep industry experience, and we believe he is well-positioned to take the company through its next phase.”
As of publication, Jamie Reints, vice president of marketing for Slync.io, had not responded to FreightWaves’ request seeking comment about Urban’s new roles at the FreightTech company.
Goldman Sachs, one of Slync’s largest investors, supplied the logistics company’s platform with a cash infusion of $60 million through a Series B funding round nearly two years ago.
However, sources familiar with the financial situation at Slync.io say those funds have been depleted.
A former employee told FreightWaves in August the $60 million-plus “has been completely spent,” despite Kirchner’s assurances to employees via email in May that Slync had “plenty of runway to survive and thrive.”
The new CEO said he’s ready “to lead Team Slync.”
“We have so much more to accomplish; stay tuned,” Urban said.
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