FedEx Corporation said on Monday that Fred Smith will resign on June 1 as CEO of the package-delivery firm that he founded around 1973. Fred Smith will be succeeded by the company’s current President and Chief Operating Officer Raj Subramaniam.
The package-delivery company said that Raj Subramaniam will be serving as both President and CEO while F Smith will be in role of executive chairman.
Smith said in a statement, “FedEx has changed the world by connecting people and possibilities for the last 50 years.”
Smith expressed that henceforth he will be more focused on global concerns including sustainability, public policy and innovation.
Smith glorified R Subramaniam’s ability to guide the firm. Subramaniam joined the FedEx in 1991 and served in several management and marketing roles in Asia and the USA. He became chief operating officer and president in 2019 and joined the FedEx board in 2020. He will continue as a director.