The news follows a particularly poor earnings quarter from the Memphis-based company, which announced several cost-cutting measures in September. FedEx volunteers bundle 20,000 care packages for members of armed forcesRelated story:
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.”
The Memphis Shelby County Airport Authority will hold two sessions, the first on Tuesday, Oct. 25, from 4 p.m. to 8 p.m, followed by a second meeting on Wednesday, Oct. 26, from 10 a.m. to 2 p.m.
Dextrous Robotics is ready to take its logistics robot, DX-1, to market in 2023.
The National Weather Service predicts the Mississippi River at Memphis will reach its second-lowest level ever by Oct. 13. The drought is limiting barge traffic, just as crops harvested in the early fall need to be transported.
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.
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.
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.
American Airlines announced it will launch nonstop service between MEM and Austin-Bergstrom International Airport (AUS) starting in January.
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.
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. Related story: 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.
President Joe Biden said Thursday that a tentative railway labor agreement has been reached, averting a strike that could have been devastating to the economy before the pivotal midterm elections.Related story:
The majority of containerized goods coming into the Mid-South from overseas come in on one of the five Class I rails based here, said Woodson Dunavant of the logistics and supply chain management company Dunavant Enterprises.
Patton is calling for members of his contractor organization to vote on a call for no-confidence in FedEx Ground CEO John Smith. FedEx does not recognize the association.
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.
The FedEx Entrepreneur Fund will provide $10,000 grants to 30 small businesses. The deadline to apply is Friday, Oct. 7.
FedEx claims the contractor, which operated 225 routes in 10 states and had called for fees to be increased along with other changes, launched a “coordinated and multi-faceted campaign” that was “unfairly and wrongfully disparaging” FedEx Ground.
FedEx is seeking injunctive relief and monetary damages following what it called a “coordinated and multi-faceted campaign.”
As of May 31, FedEx Express had $1.3 billion in deposits and progress payments on aircraft purchases, including 46 Boeings it plans to buy by 2025.
With the funding, MATA is looking to add “service in the streets,” but it also hopes to move to a new headquarters within three years.
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.
John Chevedden’s more than 1,000 shareholder proposals with different companies has resulted in companies spending millions of dollars in legal fees.
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.
“FedEx Ground will not discuss, negotiate, or renegotiate service provider agreements or financial terms with a committee or any individual purporting to represent a collective body of service provider businesses,” FedEx Ground CEO John Smith said in a letter to contractors.