FedEx takes second $1B stock buyback in year
Pilots, who rejected a contract this summer, say it would be smarter to invest in employees than short-term gains for shareholders.
There are 14 article(s) tagged ALPA:
Pilots, who rejected a contract this summer, say it would be smarter to invest in employees than short-term gains for shareholders.
The news Monday left some wondering if a strike by FedEx pilots was imminent.Related story:
FedEx pilots rejected a tentative agreement with the company by a vote of 57% to 43%.
Overall, the preliminary agreement has a combined $3.8 billion in value, a more than 37% increase from the current contract.
According to the union, the new agreement would provide major pension improvements with alternative pension options, hourly pay rate increases, an amendable period recovery payment and other improvements to pilots’ quality of life.
Earlier this month, the FedEx ALPA Master Executive Council, the union which represents the pilots, announced its members had voted to strike if necessary to achieve a new labor agreement.
Pilots picketing outside the FedEx Express Air Operations Center on Airways Boulevard Wednesday held signs that read “When the world shut down, FedEx pilots delivered” and “Now is the time!”
A representative of FedEx said the decision should not affect the company’s operations at this time.
FedEx said it decided to relocate its pilots and close its Cologne, Germany, 757 crew base and its MD-11 crew bases in Anchorage, Alaska, and Los Angeles as the “global business environment continues to evolve.”
Before a strike can take place, the National Mediation Board must first decide that additional mediation efforts would not be productive and offer the parties an opportunity to arbitrate the contract dispute.
The executive leadership team at FedEx — guided by CEO Raj Subramaniam — will have to demonstrate to its stockholders that it is the right team to lead the company out of turbulent waters and into the future.
FedEx and the Air Line Pilots Association have been in contract negotiations since May 2021.
The Air Line Pilots Association released a statement accusing FedEx of not doing its due diligence to reach a deal.
The federal assistance comes months after pilots picketed outside the FedEx Express Air Operations Center with signs that read, “When the world shut down, FedEx pilots delivered.”
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