FedEx CEO transition compensation: Smith salary cut to $910k, Subramanian raised to $1.3M

FEDEX CORP

Fred Smith's annual base salary reduced to $910,000 as Executive Chairman; he no longer participates in AIC plans.
Raj Subramaniam's base salary set at $1,300,000 with a $250,000 promotional bonus (split June 2022 and 2023).
Subramaniam's FY23 AIC target increased to 165% of base salary; LTI opportunities increased for new CEO role.
Both executives' existing LTI plans prorated for FY23 and FY24 to reflect role changes; FY23-FY25 plans fully reflect new targets.
Changes approved by independent board members on June 13, 2022, effective June 1, 2022.

item 5.02

Executive movements

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Role change

Frederick W. Smith

Executive Chairman and Chairman of the Board

FDX · FEDEX CORP

Effective: 2022-06-01
Successor: Rajesh Subramaniam
Filed: June 17, 2022, 7:59 PM ET

On March 25, 2022, FedEx announced that Frederick W. Smith, Chairman of the Board and Chief Executive Officer of FedEx, would step down from his position as Chief Executive Officer effective May 31, 2022.

Role change

Rajesh Subramaniam

President and Chief Executive Officer

FDX · FEDEX CORP

Effective: 2022-06-01
Filed: June 17, 2022, 7:59 PM ET

Rajesh Subramaniam, who previously served as President and Chief Operating Officer of FedEx, was appointed President and Chief Executive Officer of FedEx effective June 1, 2022.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Frederick W. Smith was appointed as Executive Chairman and Chairman of the Board at FEDEX CORP.

Action: appointed
Role: Executive Chairman and Chairman of the Board

Exact text from the filing

On March 25, 2022, FedEx announced that Frederick W. Smith, Chairman of the Board and Chief Executive Officer of FedEx, would step down from his position as Chief Executive Officer effective May 31, 2022.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Rajesh Subramaniam was appointed as President and Chief Executive Officer at FEDEX CORP.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

Rajesh Subramaniam, who previously served as President and Chief Operating Officer of FedEx, was appointed President and Chief Executive Officer of FedEx effective June 1, 2022.

View on SEC.gov

FEDEX CORP filing history →

Source: SEC EDGAR

accession 0001193125-22-176522

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