Brazilian startup Loggi lays off about 15% of workforce, swaps CEO

Brazilian courier delivery startup Loggi said on Monday it laid off about 15% of its staff and announced that its chief financial officer Thibaud Lecuyer will replace Fabien Mendez as the company's chief executive officer. Outgoing CEO Mendez will take over as chairman of the board, the company said.

Brazilian courier delivery startup Loggi said on Monday it laid off about 15% of its staff and announced that its chief financial officer Thibaud Lecuyer will replace Fabien Mendez as the company's chief executive officer. Loggi, backed by investors such as Softbank Group Corp and Monashees, is the latest in a string of Latin American startups to cut its workforce in recent months, including payments fintech Ebanx and used-car marketplace Kavak.

The dismissals are "part of a set of measures taken in the last six months to increase operational efficiency to adapt the company to the new global scenario and ensure business sustainability," Loggi said in a statement. Outgoing CEO Mendez will take over as chairman of the board, the company said.