Tuesday, October 5, 2010

The Daily News of Memphis

If you look at FedEx’s history, they have demonstrated that,” Sterling said. “Particularly in their Express segment, and I see tremendous opportunity for growth through earnings per share and then the marginal expansion will come as they put more freight through their network.”
It came as no surprise, however, that FedEx Freight workers are apprehensive about their job security. Two employees attended the meeting and questioned the company’s efforts to look after its employees.
“Unfortunately, try as we might, we cannot pay people when we have no work for them to do,” Smith said in response.
FedEx is estimating a cost of $150 million to $200 million related to the move for things such as employee severance costs and lease terminations.
Bill Logue, CEO of FedEx Freight, said a strong, healthy company is the right future for all its employees long-term.
“We’ve worked very hard to make sure we’ve done the right thing for our employees on the front side,” Logue said. “Our goal is to reduce the 1,700 losses because our objective is to impact as few employees as possible.”


fed up fred said...

When things are being changed for the worse by corporate and we as employees know well enough that it's wrong. If they would only listen to the employees instead of making ignorant decisions with arrogance only to find out later after millions has been spent it was another poor idea. These ideas compounded by other poor ideas is the very cause of the downfall of our profit margin.
If corporate thinks they can just get rid of Dougie Duncan, and the king of bad ideas Mike (hair helmet) Moss and not get rid of the "conway logic" things will never get any better and the spiral will continue downward. If things were focused on less management less and less planners, think tank meetings and waste of profits like snapshot we would see a huge increase of revenue saved right off the top. These positions are not critical to our industry. Using ideas from within instead of nit picking will make this a better place to work and improve our business. Adding a sales force instead of snapshot seems to be a logical decision. Does this make any sense to you shareholders? Don't be afraid of Uncle Fred's power, put in your two cents and save this company from disaster.

irudedog said...

Just for the record on the two brave and stand up employees who confronted mr.smith, give Joe Nuno and Ray Mercado a big "Thank You!" the next time you see them!


Joe Nuno said...

2010 earnings for 4 top C.E.O at FedEx Corp.
Frederick W. Smith (Chairman C.E.O)
Salary $ 1, 190, 029, 00
All other compensation $ 648, 643, 00
Option awards $ 5, 144, 690, 00
Non-equity incentive plans compensation $ 400, 000, 00
Total compensation $ 7, 419, 362, 00
Alan B. Graf (Executive V.P. and Chief Financial Officer)
Total earning in salary and same as above; $ 4, 359, 993, 00
David J. Bronczek (subsidiary C.E.O)
Total earning in salary and same as above; $ 5,328, 017, 00
Robert B. Carter (Chief Information Officer)
Total earning in salary and same as above; $ 3, 583, 546, 00
Total earnings for the 4 C.E.O is $ 20, 690, 918, 00

Anonymous said...

There is a fedex forum which may interest readers of your blog that would like to discuss these issues with other fedex employees / contractors.