FDX: Fred vs. Teamsters

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09-02-2008, 11:58 AM

Huck

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FDX: Fred vs. Teamsters

From Yahoo Finance:

The International Brotherhood of Teamsters have petitioned FedEx Corp. shareholders to support the union’s proposal to remove Fred Smith as chairman of the Memphis-based shipping giant.

In a letter to FedEx (NYSE: FDX) shareholders, Teamsters officials said Smith was “incapable of providing rigorous, independent oversight” of the board because of his dual duties as CEO and chairman.

The Teamsters have been actively seeking to organize FedEx mechanics and FedEx Ground drivers.

FedEx Ground drivers are currently classified as independent contractors, a classification the union disputes.

In a statement to Memphis Business Journal in July, FedEx said its employees have, over the years, “repeatedly rejected third-party representation” and shown no desire for union representation.

09-02-2008, 12:16 PM

HoursHore

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This was up for vote last year as well.

09-02-2008, 12:50 PM

Albief15

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Yeah...Fred's an idiot and FedEx is falling apart. Please get us another Wall streeter with no ties or stake to the company to lead us rather than a guy with his own blood, sweat, and equity capital. (That's sarcasm for those who missed it...)

I'm on the side that negotiates against the man at times. I want more of the "the pie" at times. However, FS has proven to be a guy who can generate a market where one never existed, and I'll take him over any *&% teamster recommended flunkie anyday.

09-02-2008, 01:01 PM

Daniel Larusso

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Quote:

Originally Posted by Albief15

Of course since you are on the side of things that negotiates against FS at times, it's probably best not to comment much on it despite the validity of such comments. Doesn't matter matter much now since we are the only union on property, but if/when that changes comments like "*&% teamster recommended flunkie anyday." tend to find a way to bite us all in a$$.

09-02-2008, 01:17 PM

FDXLAG

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Is it OK to say I wouldn't want the teamsters (or ALPA) running my retirement fund?

09-02-2008, 01:20 PM

RV-7

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Albie,

I am with you. I worry about my ESPP every time I think about Fred. He is the Man.

09-02-2008, 01:27 PM

W0XOFF

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Quote:

Originally Posted by Daniel Larusso

. . . . . . . despite the validity of such comments.

Guess he missed the 'sarcasm light' being extinguished.

I will stick with the guy who 'came up with the idea', built it from scratch . . and took the company public . . and brought us to the dance!

I am VERY happy with the 'security' the original 1500 shares of stock, which have split 4 times, brings to our family. If as a stockholder, I get to vote, you know which way that will be?

The guy knows how to make money and insure job security. Although he has driven me nuts at negotiations times, I don't think the Teamsters are all that concerned with your and my well-being.

09-02-2008, 01:36 PM

AerisArmis

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Quote:

Originally Posted by W0XOFF

I don't think the Teamsters are all that concerned with your and my well-being.

Golly gee, are you telling me you think they have another motive? Membership= dues money=contributions to politicians=political power.

09-02-2008, 02:21 PM

DallasGatr

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Hmm, let me think about this as a FedEx stockholder. Sure I want to throw Fred Smith out of here because the Teamsters want to. If anything this insures Mr. Smith a very long stay at FedEx .........

09-02-2008, 02:55 PM

#10

Daniel Larusso

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Quote:

Originally Posted by W0XOFF

Perhaps you should re-read what I was saying vs. deciding that I missed Albie's sarcasm and making what I said about the merits of the proxy item. That's not in question which is why I said, 'despite the validity of such comments'. Again, the comments don't matter right now, what I was trying to point out is that if in the future we are no longer the only union around here, it doesn't behoove our union leadership to make such comments in public. Our union is quick to point out the whipsaws between various factions within our pilot group, well if we get another unionized group here the company will attempt to create another whipsaw over the pieces of the pie Albie referred to and comments between the groups typically serve to further the effect of that whipsaw.