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FedEx Corp. announced the assignment of a new chief executive officer as its founder Fred Smith is stepping down from the post. The company named Raj Subramaniam as its new chief.
Smith established FedEx more than 50 years ago, and as he is already at the age of retirement, he will be handing down the CEO role to Subramaniam, who is currently the company’s president and chief operating officer.
Then again, the 77-year-old founder and outgoing chief is not really leaving FedEx yet to retire, but rather, he will become the executive chairman starting June 1, when the change in leadership has been scheduled to take place, as per The Wall Street Journal.
Smith confirmed the appointment of his successor through a letter that was sent to the employees this week. It was said that he arranged the assignment in time for FedEx’s 50th anniversary in April.
As Subramaniam takes over, he is now allowed to supervise the development of FedEx’s business plan for the next fiscal year. He already knows his way around the company as he is one of the veterans who has worked for FedEx for a long time. In his case, the 56-year-old new CEO has been serving the firm for more than 30 years already.
“FedEx has changed the world by connecting people and possibilities for the last 50 years,” Smith said in a press release. “As we look toward what’s next, I have a great sense of satisfaction that a leader of the caliber of Raj Subramaniam will take FedEx into a very successful future. In my role as Executive Chairman, I look forward to focusing on Board governance as well as issues of global importance, including sustainability, innovation, and public policy.”
At any rate, with the executive shuffle, the founder’s son and heir, Richard Smith, will also be assigned a bigger role at FedEx. It was not mentioned that starting September, he will be leading the company’s Express unit. Richard has been working for his father’s company since 2005.
Meanwhile, Subramaniam was first hired by FedEx in 1991 and as he assumes the chief role next month, he said, “Fred is a visionary leader and a legend of the business world. He founded one of the world’s greatest and most admired companies and it is my honor and privilege to step into this role and build upon what he has created.”
