Lori Systems, a startup building the cutting-edge logistics infrastructure for trucking in Africa has announced the appointment of Uche Ogboi as the company’s Chief Executive Officer effective 1st July 2021.
In a blog post, Josh Sandler the co-founder and the outgoing CEO also indicated that he will be moving to an Executive Chairman capacity in the board.
Uche Ogboi was appointed Lori’s Chief Operating Officer in 2019 after serving as the Principal, Investments, at EchoVC Partners, a Pan-Africa and tech-enabled venture capital firm which has also invested in Lori.
“Uche is a powerhouse. Her structured systems-level approach, combined with a strong vision, empathetic leadership, and relentless drive to execute, make her a force for innovation and company momentum. She helped our team mature, grow, and expand across East Africa, West Africa, and now Southern Africa.” Says Josh Sandler.
According to Sander, Uche was been responsible for growing the business 10x in less than a year, improving loading times and border crossings to 6 hours, whereas it was 72 and 48 hours respectively when Lori started and executing 40 percent cost savings across the organization while increasing margins by almost double.
On his decision to step aside as CEO, Sander said “It is both the easiest and hardest decision I have ever made. Easy, because I could not be more confident that Uche is the right person to lead Lori. Difficult, because being Lori’s CEO has been such a core part of my identity. But this is the right decision for Lori and for myself. I’ve never been more excited about Lori’s road ahead and I will continue to support Uche, our team, partners, investors, and customers as Executive Chairman in every way I can.
Founded in 2016 by Josh Sandler and Ernest Gichini Ngaruiya, Lori’s tech-enabled and operations-driven marketplace efficiently connect transport to cargo. The supply chain management system brings transparency and has pushed significantly improved flexibility, reliability, and cost savings (savings upwards of 18%).
In 2019, Lori banked US$30 million in a Series A round of financing led by Chinese investors Hillhouse Capital Group and Crystal Stream Capital. Towards the end of 2020, the startup secured funding and strategic partnership from Imperial through its venture capital arm, The Imperial Venture Fund.