Stock Groups

FedEx names Raj Subramaniam as CEO, replacing founder Fred Smith -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: This sign is on display at FedEx in Manhattan. New York City. September 3, 2021. REUTERS/Andrew Kelly/File photo

By Lisa Baertlein

(Reuters: FedEx Corp. (NYSE:) Monday appointed Raj Subramaniam to the role of operating chief. He succeeds Fred Smith, the founder and CEO of the international delivery company.

Subramaniam is 54 years old and joined FedEx as a driver in 1991. As the company is facing increasing competition from historic rivals, Subramaniam takes over the position. United Parcel Former customer Amazon.com (NASDAQ): Service

UPS has increased its operational efficiency and lowered labor costs.

FedEx shares rose 2.5% in extended trading to $235.75

FedEx stated that Smith, now 77, will take over the position of executive chair, supervising innovation and sustainability as well as other global issues.

Smith was an officer in U.S. Marine Corps Vietnam. He launched Federal Express with 389 people and 14 small aircrafts. The company flew 186 packages between Memphis, Tennessee, and 25 other U.S. cities.

FedEx has 600,000 people around the globe. It moves millions per day using one of largest fleets of air carriers in the world.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, futures, indexes or Forex. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. Because prices might not reflect the market, they may be incorrect. This means that prices cannot be considered indicative and are inappropriate for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]