A California-based electric vehicle manufacturer is now producing EVs in Tunica.

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. 

Yellow has not formally announced its closure, but a representative of Teamsters Local No. 667, which represents 4,000 local workers, said the company going out of business would affect about 550 of its members.

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Yellow shutting down, headed for bankruptcy, reports say

V. James Vena, who only served on FedEx’s board for one year, has resigned. Kimberly A. Jabal will not stand for reelection.

Self-taught chef Kunal Jadhav created one of Memphis Magazine’s top 10 dishes for 2018 and has raised more than $100,000 for animal rescue groups. Now he’s doing a five-course dinner at Cameo. 

The news Monday left some wondering if a strike by FedEx pilots was imminent.

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FedEx pilots reject new contract

FedEx pilots rejected a tentative agreement with the company by a vote of 57% to 43%. 

One of the main reasons FedEx’s fleet has grown despite the company saying it plans to scale back is due to purchase commitments it has made with aircraft manufacturers like Boeing.

The bulk of that went to approve a proposal of more than $44 million for the reconstruction of the west half of the Taxiway Alpha at Memphis International Airport.

“Decisions of this nature are never made lightly and are the result of much thought and consideration for the needs of our business,” FedEx said in a confirmation email to The Daily Memphian.

When the Federal Aviation Administration announced in March it would invest $14.8 million into upgrades at Memphis International Airport, the agency also announced it would grant Millington’s airport $1 million toward the new terminal. 

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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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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New FedEx CFO will earn an annual salary of $919,000

Chamber leadership met with media representatives in the Big Apple to discuss Memphis’ robust economic development pipeline, as well as the area’s workforce diversity.

The airline’s other Memphis destinations are Atlanta, Baltimore, Chicago, Dallas, Denver, Houston, Orlando and Phoenix.

The industrial building, which is fully leased to Barrett Distribution Centers, was delivered in 2022. 

The move from FedEx follows a breakdown in negotiations between UPS and the Teamsters union; more than 300,000 UPS workers could go on strike at the end of July. 

The holiday period is Thursday, June 29, to Wednesday, July 5, with the peak expected to be Friday, June 30, when more than 10,000 people are expected to pass through the checkpoint.

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

The Memphis-based said the transition will take place in phases beginning in April 2024, affecting around 200 contractors. 

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.

The Great Plains Action Society’s Walk for River Rights was the centerpiece of a three-day summit last month for organizers from in the Mississippi River basin, who, among other things, want to grant the river legal standing.

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.

The Sustainability Insights tool is designed to assist FedEx in its goal of reaching carbon neutral operations by 2040.