Teamsters Renew Calls For FedEx Board Changes - Forbes
Proposal to strip founder Fred S of chairman title voted down, but draws more support than last year.
The Teamsters Union made its presence felt at FedEx's annual meeting Tuesday, reintroducing a proposal to remove the company's founder Fred S from his chairman post.
The proposal was met with 35% support at the meeting, according to a press release issued by the Teamsters, 8% more than a similar proposal a year ago. A spokesperson for the Teamsters said the goal continues to be new leadership at FedEx. It remains an uphill battle, as Smith has been successful in growing a company and generating investor returns since he started the company in 1971. "Shareholders are growing tired of Chairman Smith's stranglehold on the FedEx board. It's time for independent board leadership at FedEx," the Teamster's General Secretary-Treasurer C. Thomas Keegel said.
Proposal to strip founder Fred S of chairman title voted down, but draws more support than last year.
The Teamsters Union made its presence felt at FedEx's annual meeting Tuesday, reintroducing a proposal to remove the company's founder Fred S from his chairman post.
The proposal was met with 35% support at the meeting, according to a press release issued by the Teamsters, 8% more than a similar proposal a year ago. A spokesperson for the Teamsters said the goal continues to be new leadership at FedEx. It remains an uphill battle, as Smith has been successful in growing a company and generating investor returns since he started the company in 1971. "Shareholders are growing tired of Chairman Smith's stranglehold on the FedEx board. It's time for independent board leadership at FedEx," the Teamster's General Secretary-Treasurer C. Thomas Keegel said.
