FedEx chair bullish on commitment to Memphis - Action News 5 - Memphis, Tennessee

FedEx chair bullish on commitment to Memphis

MEMPHIS, Tenn. (AP) - The founder and chairman of FedEx Corp. says the world's second-largest package delivery company remains committed to Memphis despite a restructuring that will mean cutting jobs, aircraft and underused assets.

CEO Frederick Smith said continued growth at the FedEx Express world hub and other Memphis-based enterprises should benefit the city. He made the comments near the end of the 2012 Investors & Lenders Meeting.

The Commercial Appeal reports (http://bit.ly/SU0tCU) Smith said most of the cost cuts will come in the company's Express and Services units, which have been hurt the most by the global economic conditions. He said a voluntary buyout program announced in August should reduce "fixed head count by several thousand people."

A "substantial" number were expected to come from Memphis, though the total might not be known until next year.

 

Information from: The Commercial Appeal, http://www.commercialappeal.com

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