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FedEx investors approve CEO Fred Smith’s pay By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO Fedex CEO Fred Smith was pictured in Washington at a roundtable of business leaders with U.S. Republican presidential candidate Mitt Romney, on June 13. 2012. REUTERS/Jason Reed

By Jessica DiNapoli

NEW YORK (Reuters) – FedEx Corp (NYSE:) investors approved billionaire CEO Fred Smith’s $54 million pay plan on Monday at the company’s annual meeting, after it came under scrutiny by a union for including a re-instated cash bonus and extra stock options.

According to the Teamsters union, Smith was given stock options rather than a cash bonus in the aftermath of the pandemic. Later, Smith was awarded the cash bonus.

FedEx requested investors support the executive pay packages. This was in response to a Supplemental Securities Filing made this month. FedEx explained that its compensation committee “made decisions in real time, using the most accurate information.”

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