Finally, there is some sense of closure at Slync.io as Chris Kirchner, the now former Chairman and CEO, is gone from the embattled logistics technology provider. Now we worry that Goldman Sachs, one of the major investors in Slync.io, might be discussing the future viability of the company. How dark is the tarnish that Kirchner placed on Slync.io?
This begins a long healing process
As reported by Clarissa Hawes, FreightWaves’ reporter who is covering the whole Slync.io saga, the board of directors at Slync.io voted to fire and remove Chris Kirchner on Friday. Now the work can begin, seeking to untangle the locked communications systems and figuring out exactly how much funding Slync.io really has.
As reported by FreightWaves, the board said it appointed Timothy F. Kehoe, Slync’s former chief of staff and retired U.S. Army colonel, to serve as interim president. He now has the difficult job of righting a very troubled ship.
For months, Kirchner has obfuscated the true amount of funding that his former company (man, I am happy to say that) truly had in its accounts. Slync.io received $60 million-plus from the Series B raised 17 months ago, but some say that money was spent and is gone.
Slync.io has many trips to the courtroom ahead of them
Slync.io also finds itself in a myriad of lawsuits, from non-payment of obligations to violating whistleblower protections. Several of the upper management were terminated after writing to the board about the state of business. Also lower-level personnel were terminated for raising their voices, with many informants to BTU and FreightWaves fearing for their employment when they were interviewed.
Slync and Kirchner came under fire in recent months when he failed to pay employees, used his private jet to fly to celebrity pro-am golf tournaments, and attempted (and failed horribly) to buy Derby County Football Club. Kirchner is tied up in a loan scandal because he signed a loan to pay off the bankruptcy of the football club. BTU reported on July 26 that Triple S Sports and Entertainment Group had fronted the money to Kirchner, and is now attempting to secure repayment.
This is a developing story and BTU will be monitoring the situation as Slync.io works to repair their reputation.