FedEx slashes 10% of its managers as the pandemic-fueled boom in package delivery goes bust now that the economy is souring [Fortune]
United Parcel Service, Inc. (UPS)
Last united parcel service, inc. earnings: 4/28 07:00 am
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Source: Fortune
FedEx is cutting 10% of management positions.Tayfun Coskun/Anadolu Agency via Getty ImagesThe company plans to consolidate some teams and functions in addition to the headcount reduction, part of an effort to become a “ efficient, agile organization,” Chief Executive Officer Raj Subramaniam said Wednesday in a memo to employees. The changes will align the size of the network with customer demand, he 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.The latest cuts bring FedEx’s total employee reductions to 12,000 since June, a spokeswoman said.The shares rose 2.5% at 12:18 p.m. in New York.Since taking over as CEO from founder Fred Smith in June, Subramamian has unveiled $3.7 billion in cost cuts for this fiscal year in response to a rapid decline in parcel demand. The steps includeworker furloughsparkingThe slump in parcels is industrywide, with rival United Parcel
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News
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- Markets today: U.S. stock futures waver with earnings centre stage [BNN Bloomberg (Canada)]BNN Bloomberg
UPS
Earnings
- 4/23/24 - Beat
UPS
Sec Filings
- 4/23/24 - Form 8-K
- 4/11/24 - Form PX14A6G
- 3/27/24 - Form 4
- UPS's page on the SEC website