FedEx Corp. is cutting its global management jobs by more than 10 per cent to become a “more efficient, agile organization,” Chief Executive Officer Raj Subramaniam said in a memo to employees.
Besides the reduction of officers and directors, FedEx plans to consolidate some teams and functions, according to the Feb. 1 message entitled, “Organizational Changes.” The changes will align the size of the network with customer demand, it said.
“This process is critical to ensure we remain competitive in a rapidly changing environment, and it requires some difficult decisions,” Subramaniam said in the memo.
Shares were up 1.9 per cent at 11:37 a.m. in New York.
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