FedEx have announced that Frederick W. Smith, Chairman and Chief Executive Officer, will become Executive Chairman, and Raj Subramaniam, President and Chief Operating Officer, will be promoted to President and CEO. These changes will come into effect on June 1st.
FedEx has changed the world by connecting people and possibilities for the last 50 years, As we look toward what’s next, I have a great sense of satisfaction that a leader of the caliber of Raj Subramaniam will take FedEx into a very successful future. In my role as Executive Chairman, I look forward to focusing on Board governance as well as issues of global importance, including sustainability, innovation, and public policy.– Frederick W. Smith, Chairman and Chief Executive Officer, FedEx
In addition, R. Brad Martin, Chair of the Board’s Audit Committee, is now non-executive Vice Chairman of the Board. As Vice Chairman of the Board, Martin is the Board’s designated successor to serve as Chairman of the Board. David P. Steiner, Chair of the Board’s Governance, Safety, and Public Policy Committee, will continue to serve as Lead Independent Director. Smith and Subramaniam will both report directly to the Board, and the Chief Operating Officer position will not be backfilled. As part of the transition, Subramaniam has been named President and CEO-elect of FedEx Corp. effective immediately.
When Fred Smith founded FedEx, he disrupted conventional thinking and created an industry. In his role as Executive Chairman, he will focus on the key issues, policies, and innovations that will continue moving FedEx and the world forward, Raj is an accomplished and proven leader, and he has the full support of the Board. He has more than 30 years of global experience across strategy and operations and has led the company through a period of tremendous growth. I am confident that Raj will build on this foundation and take the company to even greater heights.– David P. Steiner, Chair of the Board’s Governance, Safety, and Public Policy Committee