Two executives who built MoLo Solutions into a $600 million business in just a few years before its acquisition by ArcBest are no longer with the company.
The dismissal of MoLo CEO Andrew Silver and President and COO Matthew Vogrich was confirmed by an ArcBest spokesperson in an email to Transport Dive on Thursday. The company did not provide a reason for the decision but in a statement said Silver and Vogrich “were instrumental in building MoLo into a best-in-class truckload provider.”
Silver shared his termination news on LinkedIn where he disclosed Vogrich also was let go by the company.
"This came as a surprise so I was not able to communicate with our team at all," Silver said in the post.
MoLo, a truckload brokerage, was founded in 2017. ArcBest purchased MoLo in 2021 for $235 million in cash, doubling its brokerage capacity through the deal.
In a follow-up LinkedIn post, Silver said he's open to new opportunities.
"Aside from the sadness and frustration that developed over the last few days, I’ve felt an overwhelming amount of motivation," Silver wrote. "I don’t want to sit around and sulk. The fire in me is growing and I want to do something about it."