That’s right. They (DE Shaw) initially had the 2 seats with the option of a third. First 2 were Vena (Union Pacific) and Lane (Merrill Lynch). Then they added Gorman (Delta Airlines). FedEx BOD went from 12 seats to 15 seats.

It would be interesting to find out if the announcement to utilize additional belly freight via pax carrier coincided with the addition of Gorman. Even if it did, it could just be a coincidence. Hard to tell.

DE Shaw wants returns on their investment. The stock hasn’t performed so well since they initially vetted FedEx, so I would think they are going to demand substantial changes occur (DRIVE?) to boost margins and drive up the share price. Taking a meat cleaver to staffing has this effect. Last round of layoffs seemed to boost the share price.