FedEx Cuts CEO Pay, Freezes Hiring as Volume Drops

Discussion in 'The Latest FedEx Headlines' started by cheryl, Dec 18, 2008.

  1. cheryl

    cheryl I started this. Staff Member

    FedEx Cuts CEO Pay, Freezes Hiring as Volume Drops - Bloomberg

    FedEx Corp. Chief Executive Officer Fred Smith will take a 20 percent pay cut and salaries will be trimmed across the company as the package shipper battles the longest recession in a quarter century.

    Smith’s salary will be lowered along with reductions of as much as 10 percent for senior executives and 5 percent for other U.S. salaried personnel, FedEx said today in a statement. Company contributions to retirement accounts will be suspended for at least a year, and hiring will be frozen.