FedEx Corporation - FDX STOCK NEWS

FedEx Corp. (NYSE: FDX) celebrates its 50th anniversary today, marking the launch of an industry that transformed global shipping. The company connects over 220 countries and employs more than 530,000 people worldwide. To commemorate this milestone, FedEx is engaging in community service and hosting global events, including volunteerism under its '50 Days of Caring' initiative, which surpassed its goal of helping 50 million people. CEO Raj Subramaniam emphasized the commitment to the company's mission and values. Additionally, FedEx introduced the Founder’s Fund, a $2 million philanthropic initiative honoring founder Fred Smith, aimed at supporting veteran entrepreneurs and non-profits. The company is poised for future growth with plans to unify its operating companies under the 'one FedEx' strategy, with a revenue of $93 billion.

FedEx has announced the establishment of its first Advanced Capability Community (ACC) in Hyderabad, India, set to open in the second half of 2023. This initiative is part of a multi-year strategy to enhance recruitment and develop a diverse workforce globally. The ACC will support the company's technological and digital needs and is aimed at creating a more agile organization to better serve customers. The selection of Hyderabad aligns with India's governmental initiatives to bolster a technology-driven economy and its focus on engineering talent. FedEx aims to utilize this ACC to innovate and strengthen its presence in the Asia Pacific, Middle East, and Africa markets, thereby enhancing its global supply chain ecosystem.

FedEx Corporation has successfully achieved its goal of impacting 50 million people through its FedEx Cares program ahead of its 50th anniversary on April 17, 2023. This milestone was reached by collaborating with over 900 nonprofits globally. Key initiatives included:

• Delivering essential supplies in times of crisis.
• Supporting inclusion and fostering entrepreneurship.
• Investing in sustainable practices for urban environments.
• Engaging in community service to support local needs.

With a workforce of more than 550,000 employees, FedEx remains committed to ethical operations and aims for carbon-neutral status by 2040. The company generated annual revenue of $94 billion, offering a wide range of transportation and e-commerce services.

FedEx Corporation continues its support for Ukraine, delivering safe water through a partnership with Water Mission. Over the past year, more than 100,000 Ukrainians have received assistance as 50 emergency safe water systems have been established, producing over 23 million liters of safe water. As part of the FedEx Cares initiative, aiming to positively impact 50 million people by April 17, 2023, the company has also distributed 10,000 hygiene kits and 3 million water purification packets. This collaboration ensures quick disaster response and the delivery of essential resources to those in need.

FedEx Corp. is consolidating its operating companies into a single organization to enhance efficiency and customer responsiveness, announced during the DRIVE Investor Event. The company aims for $4 billion in cost savings by fiscal 2025 through its DRIVE transformation, with significant reductions projected across various operational areas. A notable update includes a 10% dividend increase to $5.04 per share. This reorganization is set for full implementation by June 2024, with leadership transitions occurring on April 16, 2023. The changes reflect a focus on flexibility and intelligence, positioning FedEx for stronger future performance.