Raj Subramaniam, President and CEO of FedEx Express, during the finals of the World Golf Championships – FedEx St. Jude Invitational on July 28, 2019 in Memphis, Tennessee.
Michael Wade | Sportswire icon | Getty Images
fedex corp announced Monday that Fred Smith will step down as CEO of the parcel delivery company he founded on June 1, and will be succeeded by the company’s President and Chief Operating Officer.
Raj Subramaniam will serve as both CEO and president and Smith will become executive chairman, the parcel delivery company said.
Smith founded FedEx in 1971, delivering small packages and documents faster than the post office could. Over the next half-century he oversaw the growth of a company that combined air and ground services and became something of an economic pioneer by serving other companies.
“FedEx has changed the world by connecting people and opportunities for the past 50 years,” Smith said in a statement, which also praised Subramaniam’s ability to lead the company. Smith said he will focus on global issues such as sustainability, innovation and public policy.
Subramaniam joined the Memphis, Tennessee-based company in 1991 and has held various marketing and management positions in Asia and the United States. He rose to become chief marketing and communications officer and also served as the top executive of FedEx Express. He joined the FedEx board of directors in 2020 and will remain a director.