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FedEx gets new second in command after sudden exit of old COO

FEDEX Corp named a new 2i/c after founder and CEO Fred Smith's top deputy resigned abruptly only weeks after joining the board, reports Bloomberg

FedEx gets new second in command after sudden exit of old COO

FEDEX Corp named a new 2i/c after founder and CEO Fred Smith's top deputy resigned abruptly only weeks after joining the board, reports Bloomberg

27 February 2019 - 19:00

FEDEX Corp named a new 2i/c after founder and CEO Fred Smith's top deputy resigned abruptly only weeks after joining the board, reports Bloomberg.

Raj Subramaniam will take over as president and chief operating officer March 1, replacing David Bronczek, FedEx said in a statement.



Mr Bronczek, 64, made a 'personal decision'' to retire, the company said. He had been with FedEx since 1976, serving in several key executive roles.



The sudden departure - and a subdued sendoff from Mr Smith - made waves on Wall Street. Mr Bronczek had just been named to the board January 28, a month after Mr Subramaniam was promoted to lead FedEx Express, the company's largest business unit.



The latest change vaults Mr Subramaniam to the front of the line as heir apparent to Mr Smith, 74, as FedEx contends with a slowdown in international markets and a lagging stock price.



'It's a huge red flag,' said Kevin Sterling, a Seaport Global Holdings analyst. 'I've never in my 15 years seen FedEx act like this.'


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