FDX Management Changes
02-19-2019, 04:14 PM
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FDX Management Changes
David Bronczek made a “personal decision’’ to retire. Raj Subramaniam will take over as president and CEO March 1.
(Bloomberg)—FedEx Corp. announced the resignation of Fred Smith’s top deputy just weeks after he joined the company’s board.
Raj Subramaniam will take over as president and CEO March 1, replacing David Bronczek, the shipping giant said in a statement Thursday. Bronczek, 64, made a “personal decision’’ to retire, the company said. He had been with FedEx since 1976, serving in several key executive roles.
The sudden departure—and a subdued sendoff from Smith—immediately made waves on Wall Street. Bronczek had just been named to the board Jan. 28, a month after Subramaniam, 52, was promoted to lead FedEx Express, the company’s largest business unit. The latest change vaults Subramaniam to the front of the line as heir apparent to Smith, 74, as FedEx contends with a slowdown in international markets and a lagging stock price.
“Something must have surfaced in the last two weeks to bring about this change. There’s no other way it could happen,” said Satish Jindel, founder of SJ Consulting Group. “It just doesn’t seem normal. You don’t appoint someone to the board and then in two weeks you say he’s retiring.”
The company declined to elaborate on the reasons for Bronczek’s departure.
(Bloomberg)—FedEx Corp. announced the resignation of Fred Smith’s top deputy just weeks after he joined the company’s board.
Raj Subramaniam will take over as president and CEO March 1, replacing David Bronczek, the shipping giant said in a statement Thursday. Bronczek, 64, made a “personal decision’’ to retire, the company said. He had been with FedEx since 1976, serving in several key executive roles.
The sudden departure—and a subdued sendoff from Smith—immediately made waves on Wall Street. Bronczek had just been named to the board Jan. 28, a month after Subramaniam, 52, was promoted to lead FedEx Express, the company’s largest business unit. The latest change vaults Subramaniam to the front of the line as heir apparent to Smith, 74, as FedEx contends with a slowdown in international markets and a lagging stock price.
“Something must have surfaced in the last two weeks to bring about this change. There’s no other way it could happen,” said Satish Jindel, founder of SJ Consulting Group. “It just doesn’t seem normal. You don’t appoint someone to the board and then in two weeks you say he’s retiring.”
The company declined to elaborate on the reasons for Bronczek’s departure.
02-19-2019, 04:18 PM
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Anyone hear rumors as to what is going on?
David Cunningham retired abruptly from FedEx Express in December 18, Raj replaces him.
Bronczec is appointed to the Board then resigns from the Company a month later? Raj replaces him at FDX Corp.
At least we are staying within the company as they reshuffle the deck chairs, but this is a lot of long time FDX Management guys leaving abruptly.
I assume it is all because of the TNT Merger issues?
David Cunningham retired abruptly from FedEx Express in December 18, Raj replaces him.
Bronczec is appointed to the Board then resigns from the Company a month later? Raj replaces him at FDX Corp.
At least we are staying within the company as they reshuffle the deck chairs, but this is a lot of long time FDX Management guys leaving abruptly.
I assume it is all because of the TNT Merger issues?
02-19-2019, 04:21 PM
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02-20-2019, 12:24 PM
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Bronczek was supposed to take over when Fred Smith retired. Fred just got the Board Of Directors to change the mandatory retirement age so he doesn't have to leave for several more years. Maybe Bronczek decided not to wait around for years and years and just decided to head off into the sunset and enjoy his retirement.
Sometimes it really is the simple answer and not a conspiracy theory.
Sometimes it really is the simple answer and not a conspiracy theory.
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