x

Posted 28 March, 2022

FEDEX CORP appointed new CEO

CEO Change detected for ticker NYSE:FDX in a 8-K filed on 28 March, 2022.


  On March 25, 2022, Frederick W. Smith, Chairman of the Board and Chief Executive Officer of FedEx Corporation ("FedEx" or the "Company"), informed the Company's Board of Directors (the "Board") that he will step down as Chief Executive Officer of FedEx effective May 31, 2022.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of FEDEX CORP
Transportation/Logistics • Air Freight
FedEx Corp. is a holding company, which engages in the provision of transportation, e-commerce, business services, and business solutions. It operates through the following segments: FedEx Express, FedEx Ground, FedEx Freight, FedEx Services, and Corporate, Other and Eliminations. The FedEx Express segment offers transportation and delivery services. The FedEx Ground segment provides small-package ground delivery services. The FedEx Freight segment refers to freight transportation services to business and residences. The FedEx Services segment includes sales, marketing, information technology, communications, customer service, technical support, billing and collection services, and certain back-office functions that support the company's operating segments. The Corporate, Other, and Eliminations segment is involved in the corporate headquarters costs for executive officers and certain legal and finance functions, as well as certain other costs and credits not attributed to the firm's core business. The company was founded by Frederick Wallace Smith on June 18, 1971, and is headquartered in Memphis, TN.
Market Cap
$61.7B
View Company Details
FEDEX CORP by TradingView
Relevant filing section
Item 5.02. 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On March 25, 2022, Frederick W. Smith, Chairman of the Board and Chief Executive Officer of FedEx Corporation ("FedEx" or the "Company"), informed the Company's Board of Directors (the "Board") that he will step down as Chief Executive Officer of FedEx effective May 31, 2022. Effective June 1, 2022, the Board has appointed Mr. Smith to serve as Executive Chairman and Chairman of the Board. Mr. Smith will report directly to the Board as Executive Chairman, and will continue to serve as a full-time officer and employee of the Company in this role. 

Rajesh Subramaniam, who previously served as President and Chief Operating Officer of FedEx, has been appointed President and Chief Executive Officer-Elect of FedEx effective March 25, 2022, and President and Chief Executive Officer of FedEx effective June 1, 2022. Mr. Subramaniam will report directly to the Board in his new role. The role of Chief Operating Officer of FedEx will not be backfilled. 

Mr. Subramaniam, 56, has held the position of President and Chief Operating Officer of FedEx since March 2019 and has served as a director of FedEx since January 2020. He was President and Chief Executive Officer of Federal Express Corporation ("FedEx Express") from January 2019 to March 2019, Executive Vice President - Chief Marketing & Communications Officer of FedEx from January 2017 to December 2018, Executive Vice President - Marketing & Communications of FedEx Corporate Services, Inc. ("FedEx Services") from 2013 to January 2017, Senior Vice President - Marketing of FedEx Services from 2006 to 2013, Senior Vice President - Canada of FedEx Express from 2003 to 2006, Vice President - Marketing/APAC of FedEx Express from 2000 to 2003, Vice President - APAC, EC & CS of FedEx Express from 1999 to 2000, and held various management and marketing analyst positions at FedEx Express from 1991 to 1999. Mr. Subramaniam serves as a director of First Horizon Corporation, a financial holding company. 

Certain transactions since the beginning of the Company's last fiscal year in which FedEx is a participant and in which certain members of Mr. Subramaniam's immediate family have an interest that are required to be reported under Item 404(a) of Regulation S-K are described under "Related Person Transactions" in FedEx's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on August 16, 2021. The appointment of Mr. Subramaniam was not pursuant to any arrangement or understanding between him and any person, other than a director or executive officer of FedEx acting in his or her official capacity. Executive officers are elected by, and serve at the discretion of, the Board. There are no family relationships between Mr. Subramaniam and any other executive officer or director of FedEx, or any person nominated or chosen to become a director or executive officer. 

The Compensation Committee and Board of FedEx will evaluate the respective compensation of Mr. Smith as Executive Chairman and Chairman of the Board and Mr. Subramaniam as President and Chief Executive Officer at a later date. 

Additionally, effective March 25, 2022, the Board has appointed R. Brad Martin, Chairman of the Audit Committee of the Board, to serve as non-executive Vice Chairman of the Board. As Vice Chairman of the Board, Mr. Martin is the Board's designated successor to serve as Chairman of the Board. David P. Steiner, as Chairman of the Governance, Safety, and Public Policy Committee of the Board, continues to serve as Lead Independent Director, and the composition of the Board and its respective committees did not otherwise change as a result of the appointments discussed above. 

A copy of the press release announcing these changes is attached hereto as Exhibit 99.1 and is incorporated by reference herein.