Saturday, February 24

FedEx names Raj Subramaniam as new CEO, to replace founder Fred Smith


FedEx founder Fred Smith will step down as CEO of the company on June 1, 2022, the company said in a news release Monday. He will remain in a top leadership position as the company’s executive chairman.

Raj Subramaniam, 54, the current president and chief operating officer of the company will be promoted to CEO and president. The chief operating officer position will not be backfilled.

Smith, 77, who has led fedex as its chairman and CEO for the vast majority of his tenure, he took a rough idea originating from his college term paper and created what would become a transportation giant. Fedex, incorporated in 1971now delivers millions of packages daily and is worth tens of billions of dollars.

FedEx founder and CEO Fred Smith will step down as CEO of the company on June 1, 2022.

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Analysts had previously viewed Subramaniam as the favorite to succeed Smith as CEO since he was named president and COO in 2019.

Subramaniam became FedEx’s second-in-command in March 2019, succeeding Dave Bronczek, who abruptly retired from the position. Subramaniam had just begun his role as president and CEO of FedEx Express, FedEx’s largest company, two months earlier. Don Colleran succeeded him at the helm of Express not long after.

As chairman and CEO, Smith leads the company’s board of directors and is responsible for the strategic direction of all of FedEx. Smith stepped down as company president in 2018, a role now held by Subramaniam.

Raj Subramaniam, 54, the current president and chief operating officer of FedEx will be promoted to CEO and president.

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The Memphis-based company always has two successors ready to take over for each of its top 40 or so senior executives, Smith said in 2019.

“My recommendation to the board in the event of my death, which I hope is some time off, or incapacitation, is that Raj become the CEO,” he told Southeastern Asset Management then. “…He understands the company in great detail. He’s been in operational roles. He’s been in sales roles.”


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