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FedEx Discussions
1.7 billion in cuts!
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<blockquote data-quote="TUT" data-source="post: 1039042" data-attributes="member: 29298"><p>Here is probably the best article I read so far over all of this, it seems an investor had a private conversation with Fred and Co:</p><p></p><p><a href="https://web.archive.org/web/20140705135848/http://www.commercialappeal.com/news/2012/oct/11/fedex-chairman-fred-smith-backs-efforts-to-boost/" target="_blank">FedEx chairman Frederick W. Smith backs efforts to boost passenger service in Memphis � The Commercial Appeal</a></p><p></p><p>For Example:</p><p></p><p>Sechler: It does to me, but you know, when you say several thousand, that doesn’t sound that significant, but when you say $600 million ...</p><p> </p><p>Graf: The six hundred’s not limited to voluntary severance. There are some other things that we are doing in there. It’s not just total severance. The vast majority of it is severance. Bob, we need to take care of our folks here who have given us a lot of long service. We need to make it attractive to them so that they’ll feel good and the people who are still here will feel good. That’s our culture. That’s the right thing for us to do. So, it has an acceptable buyback, that’s why we selected voluntary. I know we’re going to get a lot of people who will say, ‘Thank you,’ and be happy because they were ready to retire, thinking about it anyway. We’re now getting almost 40 years old and there are a lot of baby boomers on staff who have been here a long time, I think will be happy and thankful to take the voluntary severance.</p></blockquote><p></p>
[QUOTE="TUT, post: 1039042, member: 29298"] Here is probably the best article I read so far over all of this, it seems an investor had a private conversation with Fred and Co: [URL='https://web.archive.org/web/20140705135848/http://www.commercialappeal.com/news/2012/oct/11/fedex-chairman-fred-smith-backs-efforts-to-boost/']FedEx chairman Frederick W. Smith backs efforts to boost passenger service in Memphis � The Commercial Appeal[/URL] For Example: Sechler: It does to me, but you know, when you say several thousand, that doesn’t sound that significant, but when you say $600 million ... Graf: The six hundred’s not limited to voluntary severance. There are some other things that we are doing in there. It’s not just total severance. The vast majority of it is severance. Bob, we need to take care of our folks here who have given us a lot of long service. We need to make it attractive to them so that they’ll feel good and the people who are still here will feel good. That’s our culture. That’s the right thing for us to do. So, it has an acceptable buyback, that’s why we selected voluntary. I know we’re going to get a lot of people who will say, ‘Thank you,’ and be happy because they were ready to retire, thinking about it anyway. We’re now getting almost 40 years old and there are a lot of baby boomers on staff who have been here a long time, I think will be happy and thankful to take the voluntary severance. [/QUOTE]
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