FEDEX Corp declared Richard Smith, son of founder and CEO Fred Smith, will take over leadership of the fedex Express division later this year, reports Bloomberg.
The announcement is boosting speculation that the younger Smith may be in line for the company's top job.
Richard Smith will succeed Donald Colleran, 66, who is retiring after a 40-year career at FedEx.
Mr Smith, 44, currently the regional president of the Americas and executive vice president of global support, will become president and CEO-elect of FedEx Express on April 1 before assuming full duties on September 1.
The elder Smith has recommended chief operating officer Raj Subramaniam as his successor.
In FedEx's last full fiscal year, FedEx Express made up 50 per cent of sales.
'With the outstanding executive management team we have in place to execute our strategy, including leaders like Richard, I am confident in the future of FedEx,' said Mr Subramaniam.
Meanwhile, FedEx is being geared toward commercial deliveries.
Said Bloomberg intelligence analyst Lee Klaskow: 'The elevation of Smith to be president of FedEx Express makes a succession plan a little more interesting,'
'We still see Raj as the clear No 2 at least in the near term.'
SeaNews Turkey
The announcement is boosting speculation that the younger Smith may be in line for the company's top job.
Richard Smith will succeed Donald Colleran, 66, who is retiring after a 40-year career at FedEx.
Mr Smith, 44, currently the regional president of the Americas and executive vice president of global support, will become president and CEO-elect of FedEx Express on April 1 before assuming full duties on September 1.
The elder Smith has recommended chief operating officer Raj Subramaniam as his successor.
In FedEx's last full fiscal year, FedEx Express made up 50 per cent of sales.
'With the outstanding executive management team we have in place to execute our strategy, including leaders like Richard, I am confident in the future of FedEx,' said Mr Subramaniam.
Meanwhile, FedEx is being geared toward commercial deliveries.
Said Bloomberg intelligence analyst Lee Klaskow: 'The elevation of Smith to be president of FedEx Express makes a succession plan a little more interesting,'
'We still see Raj as the clear No 2 at least in the near term.'
SeaNews Turkey
