Fred Smith to Step Down as CEO of FedEx

Fred Smith, the founder of FedEx Corp, has resigned as CEO of a company that was launched over 50 years ago on several planes and is part of a global delivery network that moves millions of packages daily.

Mr Subramaniam, a company veteran of more than 30 years, is being named CEO-elect now. The 56-year-antique has suggested FedEx`s embody of online purchasing and changed into visible as Mr Smith's probable successor after he changed into named the No. 2 executive and joined the board in early 2020.

In a letter to staff on Monday, Smith said that he plans to appoint a successor to the company's 50th anniversary, that elevating Mr Subramaniam would allow CEO-elect to oversee the development of business plans monitored by next fiscal year.

The founder recently started taking a step back from FedEx, withdrawing from the quarterly earnings call and generally leaving investor questions to his management. Mr Smith has said that he plans to focus on corporate governance and on sustainability. After two years of restricted travel, he also plans to visit employees around the world soon.