FedEx Corp on Wednesday said it would cut its officer and director ranks by 10% as part of a broad cost-reduction effort that has reduced staffing at the delivery giant by 12,000 workers since June, a spokeswoman said.
Gary Bradshaw, a portfolio manager with Hodges Capital Management in Dallas, recently told Reuters that job cuts would be welcome, particularly after FedEx lowered its annual profit forecast.For decades, FedEx was favored by investors over its unionized competitor United Parcel Service
With its move on jobs, FedEx will have reduced the number of its full- and part-time employees to around 535,000 - roughly on par with UPS, based on workforce counts in the most recent annual reports for each company.
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