|FedEx Corp. Will Offer Voluntary Buyouts to Eligible Staff Employees|
MEMPHIS, Tenn., August 13, 2012 ... FedEx Corporation (NYSE: FDX) announced today that it will offer voluntary buyout incentives to certain U.S.-based employees in mostly non-operational staff groups as part of a broader plan to improve efficiencies and reduce costs. It is anticipated that the vast majority of employees eligible for these incentives will be staff employees at FedEx Express and FedEx Services. FedEx is making this announcement now to assist team members in their planning.
Analysis is underway to determine which workgroups will be eligible for these incentives, as well as permitted participation levels by functional area. These incentives will not include any changes to retirement eligibility or payments. However, employees who are eligible for this program and are also eligible to retire may elect to accept the buyout and also retire. Details will be announced no later than the fourth quarter of fiscal year 2013.
FedEx will release additional information about these measures and future plans at its Investors and Lenders Meeting in Memphis on October 9 and 10.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $43 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 300,000 team members to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit news.fedex.com.
Certain statements in this press release may be considered forward-looking statements, such as statements relating to management's views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the global markets in which we operate, our ability to match capacity to shifting volume levels, the extent to which eligible employees participate in the voluntary buyout program and other factors which can be found in FedEx Corp.'s and its subsidiaries' press releases and filings with the SEC.