Why FedEx Is Suddenly Laying Off Multiple Top Executives

FedEx will fire almost 10% of its corporate workforce. As customer demand drops, the courier cuts expenses.

"Unfortunately, this was required to develop a more efficient, agile firm," CEO Raj Subramaniam wrote to staff.

The FedEx CEO indicated that this could be accomplished most effectively by matching the network's size to consumer demand.

FedEx struggled in the first half of 2022. The corporation lowered costs and raised pricing to counteract volume decline.

The courier slashed $1 billion by parking flights and closing offices after its second fiscal quarter, when worldwide traffic drops slowed sales and earnings.

The FedEx CEO announced a bold 2023 cost-cutting strategy during its second-quarter earnings conference.

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