There are 51 article(s) tagged Raj Subramaniam:
Teamsters sought reporting on what FedEx is doing to protect jobs as it moves away from reliance on fossil fuels; United Church Funds wanted the company to align lobbying with climate goals; both failed.
The little good news was that cost-cutting measures FedEx has achieved helped offset the revenue and expense pressure.
FedEx had another rocky quarter in an economy that continues to force downward pressure on its network. This time, the company showed gains against stubborn headwinds by the stint of its own cost-cutting.
FedEx missed Wall Street’s expectations on markers across the board, including earnings per share and operating margin. The street expected an EPS of $4.19 and a margin of 6.6%. FedEx delivered $3.99 and 6.4%.
The company’s net income was $1.08 billion, compared to the $875 million it reported in 2023.
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.
V. James Vena, who only served on FedEx’s board for one year, has resigned. Kimberly A. Jabal will not stand for reelection.
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. FedEx names new CFO and EVP, announces shifts in its finance teamRelated story:
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.Related story:
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. FedEx to consolidate its Canadian Ground and Express operationsRelated story:
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.
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%. FedEx pilots protest outside NYSE as company announces operating consolidationRelated stories:
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.
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.
FedEx says continued demand weakness, particularly at FedEx Express, affected its most recent earnings period.
The council advises the president on government policies and programs that affect U.S. trade performance and works to promote export expansion.
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.
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.
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.
Mergers and acquisitions, leadership transitions, uncertain economic conditions, global tensions — local publicly traded companies faced numerous challenges in 2022.
FedEx has identified an additional $1 billion in cost savings beyond its September forecast and now expects to generate savings of $3.7 billion.
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.
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?
The Memphis-based company reported lower earnings for its third quarter, as consumers’ buying habits drove a decrease in demand for packaging.
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.