FedEx announces $2 billion in cost-cutting measures, rate increases
In 2023, FedEx hopes to generate total cost savings of $2.2 to 2.7 billion, and the Memphis-based company plans increase some of its rates.
Topic: FedEx Corp.
RSSThere are 138 article(s) tagged FedEx Corp.:
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September 2022
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‘How did it catch you so off guard?’: Investors grill FedEx CEO after troubling quarter
The shipping giant announced earlier this month that its earnings for the first quarter of fiscal year 2023 were much lower than the company’s predictions.
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FedEx shareholders overwhelmingly approve board, compensation for top execs
While FedEx stockholders presented four proposals of their own during the company’s annual meeting, each was rejected by more than 60% of voted shares.
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FedEx shareholders approve board of directors, executive compensation
Shareholders approved the company’s 15 nominees to the FedEx board of directors, including two who were named to the board following an agreement between FedEx and activist investor D. E. Shaw, and compensation for the company’s executive officers.
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Does FedEx’s poor quarter signal a global recession?
News from FedEx has left some wondering what the company’s cost-cutting measures could mean in Memphis. FedEx, the city’s largest employer, has around 30,000 employees here.
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FedEx closing offices, deferring hiring, reducing flights after weak quarter
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FedEx closing offices, deferring hiring, reducing flights after weak quarter
Citing adverse “macroeconomic trends,” FedEx CEO Raj Subramaniam announced a variety of cost-cutting initiatives, including reduction in flight frequencies and the closure of over 90 FedEx Office locations.
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Package deal: How FedEx Ground delivers the goods amid challenges
FedEx Ground has relied on a contractor model since its inception. But what was once a low-cost solution now may be imperiled by the challenges of so-called last-mile delivery.
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FedEx grants help to businesses owned by veterans, people with disabilities
The FedEx Entrepreneur Fund will provide $10,000 grants to 30 small businesses. The deadline to apply is Friday, Oct. 7.
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August 2022
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‘Corporate agitator’ questions FedEx board appointments
John Chevedden’s more than 1,000 shareholder proposals with different companies has resulted in companies spending millions of dollars in legal fees.
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Meet FedEx’s proposed board of directors
All of FedEx’s board members are up for election or reelection when the company’s shareholders have their annual meeting, scheduled this year for Monday, Sept. 19.
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FedEx adds to board of directors after agreement with activist investor
FedEx also announced Monday it will nominate retired Navy Vice Admiral Nancy A. Norton to its board when the company holds its annual meeting of stockholders in September.
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FedEx to invest further in artificial intelligence, robotics technology
Per the new agreement, FedEx will purchase up to $200 million in services from a Massachusetts-based technology company, in exchange for warrants for 25 million shares of its stock.
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July 2022
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Contractor for FedEx Ground says network in ‘far more peril than anyone realizes’
FedEx Corp. counters that the more than 6,000 service provider businesses in its Ground network earned an average revenue of $2.3 million in 2021.
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FedEx enjoying sky-high profits, but imposing challenges loom
In its annual report for the fiscal year ended May 31, FedEx disclosed numerous risks to its business, including Russia’s invasion of Ukraine and increased competition.
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Why is FedEx closing its data centers and moving to the cloud?
The logistics giant is closing its remaining data centers and moving completely to the cloud, a decision that it says will take two years.
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FedEx’s Network 2.0 initiative a ‘fundamental’ shift in operations
At its most recent meeting of shareholders and analysts, the Memphis-based company announced it is no longer interested in keeping its networks separate. Instead, FedEx wants to benefit from their overlap.
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June 2022
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FedEx predicts sizable profit growth over next three years
The logistics giant announced Wednesday, June 29, its new “Deliver Today, Innovate for Tomorrow” strategy as investors and analysts gathered in Memphis for the company’s 2022 investor meeting.
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Hundreds of FedEx pilots picket for updated contract
Pilots are asking for a contract that increases retirement benefits and takes into account issues related to quality of life, such as time spent away from home and uncertainty around scheduling.
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FedEx delivers 52 tons of medical aid for Ukrainian refugees
FedEx has donated more than $2.3 million in humanitarian aid since the outset of the conflict, including $1 million that has been allocated for in-kind shipping with nonprofit partners.
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FedEx reports strong quarter as new CEO takes the reins
The Memphis-based company recorded $24.4 billion in revenue for its fourth quarter 2022, compared to $22.6 billion it reported in the same time period in 2021.
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Record FedEx stock jump had help from New York investor
D. E. Shaw & Co. is known for its activist investing, including its role in Exxon Mobil Corp.’s decision to add to its board and make $6 billion worth of cost savings changes.
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FedEx pilots push for updated contract
For the union, the two primary issues in the current round of negotiations are retirement benefits and matters related to quality of life.
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Filing reveals annual pay for Fred Smith, new FedEx CEO
An SEC filing reveals how much Raj Subramaniam and FedEx founder Fred Smith will earn in their new roles.
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FedEx names first chief customer officer
Brie Carere is a three-time winner of the FedEx Five Star Award, the company’s highest team member honor.
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FedEx adds new members to board, increases dividend by more than 50%
FedEx Corp. stock was up nearly 9% Tuesday after the company made the announcement.
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