Billions in cost-cutting initiatives helped FedEx improve earnings
The company’s net income was $1.08 billion, compared to the $875 million it reported in 2023.
Topic: Raj Subramaniam
RSSThere are 47 article(s) tagged Raj Subramaniam:
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September 2023
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August 2023
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FedEx CEO to earn a new base salary of more than $1M
The increase will bring Raj Subramaniam’s base salary, first set in 2022 months after he took leadership of the company, from $1.3 million to $1.45 million.
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July 2023
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One member of FedEx board of directors resigns, another won’t run again
V. James Vena, who only served on FedEx’s board for one year, has resigned. Kimberly A. Jabal will not stand for reelection.
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New FedEx CFO will earn an annual salary of $919,000
In addition to his salary, FedEx announced Monday that Dietrich will receive a signing bonus of $200,000, which will be paid in two installments.
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FedEx names new CFO and EVP, announces shifts in its finance team
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FedEx names new CFO and EVP, announces shifts in its finance team
The Memphis-based company announced Monday, July 17, its hiring of John W. Dietrich to the role, which will be vacated by CFO Michael C. Lenz on July 31.
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June 2023
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FedEx shares down as company reports mixed quarter
Revenue for the fourth quarter was a few billion shy compared to the $24.4 billion the company announced in the same quarter of 2022.
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FedEx to consolidate its Canadian Ground and Express operations
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April 2023
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FedEx at 50: As FedEx hits milestone, new executive team has new challenges
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.
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One FedEx: ‘Something investors have wanted for 15 years’
Following the announcement that FedEx’s operating companies will consolidate into one organization, the delivery giant’s stock was up by more than 1.2%.
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FedEx pilots protest outside NYSE as company announces operating consolidation
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FedEx to consolidate its operating companies
Expected to be completed in June 2024, the consolidation will bring FedEx Express, FedEx Ground, FedEx Services and other FedEx operating companies into Federal Express Corp.
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March 2023
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Billions of dollars in cuts seemingly help FedEx get back on track
FedEx stock was up more than 10% following an earnings release last week, with numbers high enough that the company increased its forecast for the full fiscal year.
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FedEx impacted by market softness but earnings beat expectations
FedEx says continued demand weakness, particularly at FedEx Express, affected its most recent earnings period.
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FedEx CEO appointed to President’s Export Council
The council advises the president on government policies and programs that affect U.S. trade performance and works to promote export expansion.
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February 2023
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FedEx commits more than $1 million to Turkey, Syria earthquake relief
Since the first earthquake on Monday, Feb. 6, FedEx has assisted multiple nonprofit and government organizations that are responding directly to the crisis by utilizing its global trade networks.
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How FedEx is cutting costs by more than $3 billion
FedEx confirmed during the company’s December 2022 earnings release that it will try to cut costs by more than $3 billion throughout the fiscal year.
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FedEx to lay off 10% of officer and director teams
Following two back-to-back quarters that saw FedEx report earnings well below company expectations, the shipping giant has been enacting sweeping cost-cutting initiatives.
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January 2023
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How the Memphis-based public companies spent 2022
Mergers and acquisitions, leadership transitions, uncertain economic conditions, global tensions — local publicly traded companies faced numerous challenges in 2022.
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December 2022
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FedEx plans additional cost cuts
FedEx has identified an additional $1 billion in cost savings beyond its September forecast and now expects to generate savings of $3.7 billion.
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Will FedEx report another weak quarter?
Tuesday’s earnings call is expected to focus on how effective the company’s sweeping cost-cutting initiatives announced in September have been so far.
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November 2022
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Is UPS managing costs better than FedEx?
After Memphis-based FedEx shocked investors and said global trends had weakened profit and revenue, the company’s primary competitor still managed to beat financial analysts’ expectations. But how?
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October 2022
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IP earnings impacted by lower consumer spending
The Memphis-based company reported lower earnings for its third quarter, as consumers’ buying habits drove a decrease in demand for packaging.
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September 2022
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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.
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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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