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FedEx extends CEO’s retirement age

MEMPHIS: In anticipation of FedEx Corp. CEO Fred Smith's 71st birthday in August, the company has changed its corporate governance guidelines to increase the mandatory retirement age for directors from age 72 to age 75 with immediate effect.

Smith has expressed no desire to leave the company he founded in 1971 with a fleet of Falcon jets (below) and has led for the past 44 years.

Fred Smith Falcon Jet"This change is consistent with the market trend of increasing the mandatory retirement age for board members," said David P. Steiner, FedEx Corporation's Lead independent director and CEO of Waste Management Inc.

FedEx has reported revenue of US$47.5 billion for the 12 months ending May 31 – up from US$45.6 billion in the previous fiscal year. Adjusted net profit rose from US$2.19 billion to US$2.57 billion. The operating margin increased to 9.0 percent from 7.9 percent.

"Fiscal 2015 was a transformative year for FedEx with outstanding financial results driving expanded long-term value for shareowners," commented Smith. "Significant acquisitions announced in the year promise to strengthen our portfolio of services and change what's possible for customers. I am very proud of the FedEx team for its accomplishments and look forward to a successful fiscal 2016."

According to Alan Graf, FedEx Corp. executive vice president and chief financial officer, the company expects strong earnings growth in its next fiscal year separate from any operating results or costs related to the planned acquisition of TNT Express.

Capital spending is expected to be US$4.6 billion for the next 12 months as the company expands its FedEx Ground network and takes delivery of new aircraft for FedEx Express.

During its fiscal fourth quarter FedEx Express incurred an impairment charge of US$276 million as it retired 15 aircraft and 21 related engines and adjusted the retirement schedule of an additional 23 aircraft and 57 engines.

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