FedEx Corp. (FDX) said it will reduce the size of its officer and director team by more than 10% and consolidate some teams and functions.
The job cuts come as the package delivery giant aims to align costs with the demand, due to a weaker-than-expected business environment.
"... this was a necessary action to become a more efficient, agile organization. It is my responsibility to look critically at the business and determine where we can be stronger by better aligning the size of our network with customer demand," Chief Executive Officer Raj Subramaniam said in a letter to FedEx team members.
FedEx said in September 2022 that it planned to save between $2.2 billion and $2.7 billion in the fiscal year 2023.
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