Exclusive-FedEx faces labor union challenge over billionaire CEO's pay

cheryl

I started this.
Staff member
Exclusive-FedEx faces labor union challenge over billionaire CEO's pay - Yahoo

FedEx Corp shareholders should reject founder and CEO Fred S's $54 million pay package because the logistics company gave him stock options after scrapping a cash bonus in the wake of the COVID-19 pandemic, only to reinstate it later, the Teamsters labor union said on Friday.

Smith, whose net worth is pegged by Forbes at $5.8 billion, was given a special option award "for motivation and retention purposes" in June 2020 after FedEx canceled a $3.4 million cash bonus for him, citing uncertainty around the COVID-19 pandemic.

Those options were worth $6.4 million as of the end of May, the close of FedEx's fiscal year, more than doubling in value since Smith received them. As more people shipped and received items during the pandemic and FedEx's business rebounded, the Memphis, Tennessee-based company reinstated Smith's $3.4 million cash bonus in December, but also allowed him to keep the special stock options.
 

Casca

Well-Known Member
well, Fred did have the vision and the teamsters really should address and correct their failed pensions......not much credibility there.
 

Box Ox

Well-Known Member
teamsters really should address and correct their failed pensions......not much credibility there.


"More than two decades of work by the Teamsters to save the retirement nest eggs of a million-plus hardworking Americans came to fruition today when President Biden signed the $1.9 trillion American Rescue Plan (ARP) into law, bringing relief to more than 200 multiemployer pension plans teetering on the edge of financial disaster."
 
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