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Thursday, December 8, 2022

Fred Smith Steps Down as FedEx CEO, Remains Executive Chairman

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FedEx Corp. founder Fred Smith is stepping down as CEO of the company and transferring those duties to Raj Subramaniam, who currently serves as president and COO, the company announced March 28. Smith will remain as executive chairman.

“FedEx has changed the world by connecting people and possibilities for the last 50 years,” Smith said. “As we look toward what’s next, I have a great sense of satisfaction that a leader of the caliber of Raj Subramaniam will take FedEx into a very successful future.”

Subramaniam will retain the role of president. The change will officially take effect June 1, but Subramaniam has been named president and CEO-elect of FedEx Corp., effective immediately.

“Fred is a visionary leader and a legend of the business world,” Subramaniam said. “He founded one of the world’s greatest and most admired companies, and it is my honor and privilege to step into this role and build upon what he has created. As we continue to transform as a company and reimagine what’s next, we will keep our people-service-profit philosophy at our core. I am immensely proud of our 600,000 team members around the world.”

The COO post will not be backfilled, the company said.

Smith added, “In my role as executive chairman, I look forward to focusing on board governance as well as issues of global importance, including sustainability, innovation and public policy.”

Subramaniam was elected to the FedEx Board of Directors in 2020 and will maintain his seat. Prior to his role as president and COO of FedEx Corp., Subramaniam was president and CEO of FedEx Express, the world’s largest express transportation company. He also served as EVP and chief marketing and communications officer of FedEx Corp. and previously was president of FedEx Express in Canada. He joined FedEx in 1991.

FedEx Corp. ranks No. 2 on the Transport Topics top 100 list of the largest for-hire carriers in North America.

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