BOSTON, Sept 25 (Reuters) - Package delivery company FedEx Corp. (FDX.N: Quote, Profile, Research) on Monday named Steven Loranger, the head of ITT Corp. (ITT.N: Quote, Profile, Research), to its board.

Loranger, who serves as chairman, president and chief executive officer of manufacturing conglomerate ITT, will serve on FedEx's audit committee as well as the company's overall 14-member board.

The company also said it planned to spend about $2.6 billion to acquire about 90 Boeing Co. (BA.N: Quote, Profile, Research) 757-200 aircraft, to replace its existing fleet of 727-200s, which have lower cargo capacity. FedEx said it plans to bring the 757 fleet into service between 2008 and 2016.



The Boeing 757 is a twin-engine short-to-medium-range jetliner. Boeing made 1,050 of them in 23 years.

FedEx held its 2007 capital spending projection at $3 billion.





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