Here are your FOX Business Flash top headlines for March 28.
FedEx founder Frederick W. Smith is stepping down as the chairman and chief executive officer effective June 1, the company announced Monday.
Smith will become Executive Chairman and Raj Subramaniam will be promoted to President and CEO, the company said.
FedEx Corp. said it would boost capital spending by 22% this year to add capacity to its network, after a surge in e-commerce packages caused ground delivery delays and left some freight customers without service. (iStock)
“FedEx has changed the world by connecting people and possibilities for the last 50 years,” Smith said in a statement. “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.
This is a developing story. Check back for updates.
